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Bitcoin traded at $ 115,157, firmly after a Pabagu -new weekend that started at Biggest crypto extermination event in historyWhile Ether rose to $ 4,146, extending its recovery from Friday lows near $ 3,700.
Everywhere, Solana gained 11%to $ 196, Bittensor advanced 28%, and Cronos jumped 11%, according to CoinDesk’s market data, while capital was rotated back to high beta assets following a $ 20 billion seizure. Both Washington and Beijing Worked to cool trade tensions over the weekendhelping with recovery.
Bitwise’s Jonathan Man Positioning points as the main factor: leverage is stretched into the tokens of the long tail, so when the liquidity disappears, the wipeout is severe-but it removes the decks for a faster reset.
Staking also plays a second role in cushioning the decline. With almost 30% of ETH supply locked in validators But only one -quarter of the migratory -moved as liquid staking derivatives, the network structure created a friction that slows down the seller’s panic. Although the derivatives did not occur, the validator capital remained, blunting on what could be a whole spiral of liquidity.
But as the postmortems roll, many fingers point to Binance.
October 11 Crypto crash – what really happened
TL; DR:
Excess of $ 60-90m of $ Use was thrown in Binance, along with $ w and $ Bnsol.
That localized deg is a trigger …
– Elontrades (@elontrades) October 12, 2025
Is Ethena really Deg?
I have seen many chatters about Ethena DepEg during the Mayhem Market this weekend. The story is the USDE for a moment to be removed from ~ 68C before recovering. Here the Binance Chart everyone quoted:
But digging into data and talking to a bunch of… https://t.co/ln0Feevc5e pic.twitter.com/lquzrqbl7f
– Haseeb ＞ | ＜ (@hosseeb) October 12, 2025
Dragonfly’s Haseeb Qureshi’s questions if Etherna really gets rid of it, focusing that instead of $ 60- $ 90 million in USDE, along with Wbeth and BNSOL, were thrown into Binance, taking advantage of a flaw of pricing that cost collateral with its own Binance order book instead of external Oracles.
While Binance’s infrastructure has emerged under heavy loading, market manufacturers will not be able to guard or re -balance positions, the thesis goes, causing wrapped properties to rot from their underlying prices and deepening sales.
The localized collapse pushed the USDE to $ 0.65 in Binance only, while it was held near $ 1 in the curve and bybit. Since Binance’s one -sized margin system marked the collateral at its internal prices, the collapse immediately removed the hundred -millions of margin worth, which resolved forced fluids in the properties.
The USDE protocol of Etherna has remained completely collateralized and redeemed throughout, suggesting that the chaos is a failure to exchange, not a stablecoin deeg.
Binance has since been identified “Platform -related issues,” switched to Oracle -based collateral pricing, and pledged compensation for affected entrepreneurs.
In the meantime, Friday’s crash looks less like a stablecoin panic and more like a masterclass in exploiting the weakest structure of an exchange.
In a post on x. Binance added that more than $ 280 million in return has been paid to affected users and has reaffirmed that it is not covered by ordinary market losses.
So far, crypto cleaning has paved the way for a measured rebound, a led by the property that fell to the hardest and reset the deepest.
Market movement
BTC: Bitcoin stood around $ 115,000 after falling nearly 9% on Friday and recovered nearly 4% on the weekend while entrepreneurs did not have shorts and greater regional regions began to stabilize.
Eth: Ether bounced nearly $ 4,150 after falling nearly 17% on Friday, recovering faster than Bitcoin while leveraged positions were that -Clear and the DEFI activity was selected.
Gold: Gold went up to a record of $ 4,059.87 per ounce in the early Asian trading on Monday as increasing US-China trade tensions, updated geopolitical risks, and expectations of federal reserve rates that demanded demand for safe properties.
