Opinion: The recent extreme market crash may have been caused by the liquidation of a large institution using cross-margin on Binance

ChainCatcher news, crypto KOL and Primitive Ventures co-founder Dovey posted on social media, speculating that the recent market crash was caused by a large institution (possibly a traditional trading company using cross-margin) facing liquidation on the Binance platform.

Although further analysis is needed, initially, the price of USDe on Binance dropped to 0.6, while prices on other trading platforms remained relatively stable. Additionally, there has been a significant divergence in volatility between tokens listed on Binance and those not listed on Binance.