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Binance details 10 October 2025 flash crash, cites $19.25B macro-led liquidations

Binance released a post-mortem on the 10 October 2025 crypto flash crash, asserting that macroeconomic shocks and market-wide risk controls, not exchange failures, drove the $19.25 billion liquidations. The exchange said 75% of industry liquidations occurred before its localized issues at 21:36 UTC, and CoinGlass data showed the peak at 01:00 UTC.