VanEck has published its October 2025 Crypto Monthly Review, which points out that there comes a time in every cycle when infrastructure is tested. October 10 is Binance's "big test day". The exchange carries about 30-40% of the world's spot and futures trading volume. During the most volatile periods, the prices of several assets deviated from redemption values - including USDE stablecoin (-35%) and wBETH (briefly down 90%).
The catalyst was a $90 million market sell order that hit Binance's internal order books, which also provided data for the pricing of its oracle. Lacking an external reference, the price crash was self-reinforcing. The trading engine experienced delays of about 100 minutes under high load, thousands of traders reported "orders rejected," and liquidity providers were unable to intervene, resulting in significant price misalignment.
Binance launched an automatic deleveraging (ADL) system, which forcibly closed profitable positions to cover losses. Unlike the clearing membership system of traditional markets, the crypto market lacks this "buffer layer", and ADL becomes an algorithmic safety valve of last resort. Although Binance still has more than $1 billion in reserves, the trigger logic of ADL is based on price, not human judgment.
VanEck: October 10 is Binance's "big test day", and there are systemic vulnerabilities in the crypto market infrastructure
2025-11-06 07:25:52
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