Binance blamed the October 10 flash crash on a macro shock colliding with heavy leverage and evaporating liquidity, rather than any breakdown in its trading systems following speculative chatter on so...

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<p>Binance blamed the October 10 flash crash on a macro shock colliding with heavy leverage and evaporating liquidity, rather than any breakdown in its trading systems following speculative chatter on social media.</p>
<adv/><p>In a report released Saturday, the exchange said global markets were already under pressure following trade-war headlines when crypto markets cracked. Bitcoin and ether had rallied for months into early October, leaving traders heavily positioned and exposed.</p>
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<p>10/10’s myths and facts explained.<br/><br/>👉 https://t.co/SpE6scqpSx pic.twitter.com/OJhZESWlP4</p>— Binance (@binance) January 30, 2026</blockquote>
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<p>At the time, open interest across bitcoin futures and options exceeded $100 billion, creating conditions ripe for forced deleveraging once prices started to fall, it said.</p>
<p>The selloff quickly fed on itself. As prices slid, market makers activated automated risk controls and reduced exposure, pulling liquidity from order books. Data cited by Binance, sourced from Kaiko, showed bid-side depth nearly vanished on several major exchanges during the peak of the move. With fewer resting orders, even small liquidations pushed prices sharply lower.</p>
<p>The disruption was not limited to crypto. U.S. equity markets lost an estimated $1.5 trillion that day, with the S&amp;P 500 and Nasdaq posting their largest one-day drops in six months. Binance said roughly $150 billion in systemic liquidations occurred across global markets.</p>
<p>Blockchain congestion added to the strain. Ethereum gas fees spiked above 100 gwei at times, slowing transfers and limiting arbitrage between venues. With capital unable to move quickly, price gaps widened and liquidity fragmented further.</p>
<h2>Binance incidents that occured</h2>
<p>Binance acknowledged two platform-specific incidents during the crash but said neither caused the broader market move.</p>
<p>The first involved a slowdown in its internal asset-transfer system between 21:18 and 21:51 UTC, affecting transfers between spot, earn and futures accounts. Core trading systems remained operational, but some users temporarily saw zero balances displayed due to backend timeouts. </p>
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<p>Binance said the issue stemmed from a database performance regression under surge traffic and has since been fixed. Affected users were compensated.</p>
<p>The second incident involved temporary index deviations for USDe, WBETH and BNSOL between 21:36 and 22:15 UTC, after most liquidations had already occurred. Binance said thin liquidity and delayed cross-venue rebalancing caused local price moves to disproportionately affect index calculations. </p>
<p>Methodology changes have since been implemented, and impacted users were compensated.</p>
<p>Binance said about 75% of the day’s liquidations occurred before the index deviations, pointing to the initial macro shock as the primary driver.</p>
<p>In total, the exchange said it compensated users with more than $328 million and launched additional support programs to stabilize participants affected by the crash.</p>

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Binance pins crypto's worst-ever liquidation day on macro risks, not exchange failure

幣安將10月10日的閃崩歸咎於宏觀經濟衝擊、高槓杆以及流動性枯竭，而非其交易系統在投機性傳言之後出現故障。

<div><div><p>幣安將 10 月 10 日的閃崩歸咎於宏觀衝擊與高槓杆和流動性枯竭的碰撞，而不是社交媒體上的投機性言論導致其交易系統出現任何故障。</p><adv/><p>該交易所週六發佈的一份報告稱，在貿易戰消息傳出後，全球市場已經承壓，加密貨幣市場隨即崩盤。比特幣和以太坊在10月初之前已經上漲數月，導致交易員持倉過重，風險敞口巨大。</p><adv/><div><blockquote><p>揭秘10/10的迷思與真相。<br/><br/> 👉 https://t.co/SpE6scqpSx pic.twitter.com/OJhZESWlP4</p> — Binance (@binance) 2026年1月30日</blockquote></div><div><div><div/></div></div><p>報告稱，當時比特幣期貨和期權的未平倉合約超過 1000 億美元，一旦價格開始下跌，就為強制去槓桿化創造了有利條件。</p><p>拋售潮迅速自我加劇。隨著價格下跌，做市商啟動了自動風險控制機制並減少了交易量，導致訂單簿流動性下降。幣安援引Kaiko的數據稱，在價格暴跌的高峰期，幾家主要交易所的買盤深度幾乎消失殆盡。由於掛單減少，即使是小額的強制平倉也會使價格大幅下跌。</p><p>此次衝擊不僅限於加密貨幣領域。據估計，美國股市當日市值蒸發約1.5萬億美元，標普500指數和納斯達克指數均創下六個月來最大單日跌幅。幣安表示，全球市場系統性清算金額約為1500億美元。</p><p>區塊鏈擁堵加劇了這種壓力。以太坊的gas費一度飆升至100 gwei以上，導致轉賬速度減慢，並限制了不同交易場所之間的套利機會。由於資金無法快速流動，價格差距擴大，流動性進一步分散。</p><h2>幣安發生的事件</h2><p>幣安承認在崩盤期間發生了兩起平臺特定事件，但表示這兩起事件均未導致更廣泛的市場波動。</p><p>第一起故障是其內部資產轉移系統在世界協調時21:18至21:51期間出現故障，影響了現貨賬戶、收益賬戶和期貨賬戶之間的資金轉移。核心交易系統保持運行，但由於後端超時，部分用戶暫時看到賬戶餘額顯示為零。</p><div><div><div/></div></div><p>幣安表示，該問題源於流量激增導致的數據庫性能下降，目前已修復。受影響的用戶已獲得補償。</p><p>第二起事件涉及USDe、WBETH和BNSOL在UTC時間21:36至22:15期間的暫時性指數偏差，此時大部分清算已經發生。幣安表示，流動性不足和跨交易平臺再平衡延遲導致局部價格波動對指數計算產生了不成比例的影響。</p><p>方法論已進行修改，受影響的用戶已獲得補償。</p><p>幣安表示，當天約 75% 的清算發生在指數偏離之前，這表明最初的宏觀衝擊是主要驅動因素。</p><p>該交易所表示，已向用戶賠償超過 3.28 億美元，並啟動了額外的支持計劃，以穩定受此次崩盤影響的參與者。</p></div></div>

幣安將加密貨幣史上最嚴重的清算日歸咎於宏觀風險，而非交易所故障。

這個跨越了 10 年的敘事，總是在牛市末尾短暫地觸動一下所有人的神經。

隱私幣漲完，通常意味著熊市要來了

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