Industry-Wide Shock: The '1011 Crash' Was a Market-Wide Event
During the Consensus HK conference, Binance executive Richard Teng clarified that the recent '1011 crash' was not exclusive to Binance but rather a broader industry event. He emphasized that multiple exchanges experienced significant liquidations simultaneously.
Highly Concentrated Timing: Data showed that around 75% of liquidations occurred around 9 PM ET. Additionally, some stablecoins temporarily de-pegged, and asset transfers experienced brief delays, though these were isolated incidents and not systemic failures.
Market Correlation: Equities and Crypto Markets Moved in Tandem
Teng noted that U.S. equities lost approximately $1.5 trillion in market value that day, with equity liquidations totaling around $150 billion—far exceeding crypto’s $1.9 billion in liquidations.
Despite the volatility, Binance saw no signs of mass withdrawals. The platform maintained stability, with annual trading volume reaching $34 trillion and serving 300 million users globally.
- Binance provided user support
- Other platforms offered limited assistance
- Market confidence remains intact
Institutional Interest Remains Strong
Although short-term volatility stems from geopolitical and interest rate uncertainties, Teng highlighted that institutional capital continues to flow into crypto—a sign that 'smart money' is still positioning for long-term growth.