First, don't be misled by those foreign marketing accounts. What happened on October 11th was not the 'Binance incident', but the largest liquidation event in crypto history.

Macro trigger: Trump's tariff policy has triggered global risk aversion, causing BTC to drop from $120,000 to around $100,000 in an instant.

Liquidation data: The total liquidation amount across the network exceeded $19 billion in 24 hours, involving 1.64 million traders. This scale is more than 10 times that of the FTX collapse.

Important note: On that day, it wasn't just Binance; other platforms like KX, ybit, and even the 'newcomer' yperliquid were all in despair. To attribute the macro black swan to the system collapse of a single platform is either a lack of understanding or too malicious.