Asia Morning Briefing: Ethereum Leads Recovery After $ 20b Liquidation Shock

Eth’s Rebound Is Outpacing Btc’s As Markets Stabilize, With High-Beta Plays Like Solana and Bittensor Joinger. One Working Theory Suggests Friday’s MELTDOWN WASN’T About Stablecoin Fraility – IT Was A Structural Failure on Binance. OCT 13, 2025, 2:04 AM

Good Morning, Asia. Here’s What’s Making News in The Markets:Welcome to Asia Morning Briefing, A Daily Summary of Top Stories Durying Us Hours and An OverView of Market Moves and Analysis. For a detailed overview of US Markets, See Coindesk’s Crypto Daybook American.

Bitcoin Is Trading At $ 115,157, Steady After A volatile weekend kindkend kindkend kinda began with the largest Crypto liquidation event $ 3,700.

Elsewhere, Solana Gained 11%to $ 196, Bittensor Surged 28%, and Cronos Jumped 11%, Accounting To Coindesk Market Data, AS Capital Rotalated Back Into High-Bets Falosa. Both Washington and Beijing Worked to Cool Down Trade Tensions Over the Weekend, Helping the Recovery.

Bitwise’s Jonathan Man Points to Positioning As the Key Factor: Leverage Was Stretched Across Long-Taail Tokens, SO WHEN LIQUITY VANIRED, THE WIPEUT WASS FRESS.

Staking Also Played a Secondary Role in Cushing the Deckline. With Nearly 30% of eth Supply Locked in Validators But Only A Quarter of that Circulating as Liquid Staking Derivatives, The Network’s Structure Created Friert. Even as Derivatives Unwound, Validator Capital Stayed Put, Blunting What Could Have Been A Full Liquidity Spiral.

But As Postmortms Roll in, Many Fingers Are Pointing at Binance.

Dragonfly’s HaseEB QURESHI QUESTIONS IF EThena Really Depegged, Arguing that Institute $ 60– $ 90 Million in USDE, ALONG WBETH AND BNSOL, WAS DUMPED ON BINANC Using Binance’s Own Order Book Institute of External Oracles.

As Binance’s Infrastructure Buckled Under Heavy Load, Market Makers Were Unable to Hedge or Rebalance Positions, Theisis Goes, Causion Wrapped Assets To -Desets Selloff.

The Localized Collapse Drove USDE to $ 0.65 On Binance Only, While It Held Near $ 1 on Curve and Bybit. Because Binance’s Unified Margin System Marked Collalateral to ITS International Prices, The Drop Instantly Wiped Out Hundreds of Millions in Margin Value, Triggering Forced Liqidations.

Ethena’s USDE Protocol Remoned Fully Collalateralized and Redemable Throughout, Suggesting The Chaos Was Was An Exchange-Side Failure, Not A Stablecoin DEPEG.

Binance HAS SINCE ACKNOWLEDGED “PLATFORM-RELATED Issues,” Moved to Oracle-Basted Collateral Prting, and Pledged Compensation for Afted Traders.

In Hindsight, Friday’s Crash Looks Less Like A Stablecoin Panic and More Like A MasterClass in Exploiting An Exchange’s Weakest Structural Link.

In a post on x, yi he, binance’s co-book and chief custommer service officer admitted that the exchange Had Brief Service Delays and TEMPORY DACIDSTS INTOSTGSBUTTTSS INTACID Broader Market Drop. Binance Added that Over $ 280 Million in Compensation Has Already Been Paid to Affected USERS AND REAFFIFIFIFIRMED THAT IT WILL NOT COVER ORDINARY Market Losses.

For now, Crypto’s Cleanout Has Given Way to A Measured Rebound, One Led by the Assets that Fell Hardest and Reset the Deepest.

Market MovementBTC: BITCOIN STEADIED AROUND $ 115,000 After Falling Nearly 9% on Friday and Recovering About 4% Over The weekend as Traders Unwound Shorts and Broader Risk Sentiment Began to Stabilize.

Eth: Ether Rebounded to About $ 4.150 After Droping Nearly 17% on Friday, Recovering Faster than Bitcoin as Levered Positions Cleed and DEFI ACTIVITY PICKED BACKED.

GOLD: Gold Surged to A Record $ 4,059.87 per OUNCE IN EARLY ASIAN Trading on Monday As Escalating US -China Trade Tensions, Renewed Geopolitical Risks, an Expectation of Federal SAFE-HAVEN Assets.

Elsewhere in Crypto:

• Aster Airdrop Delayed Due to ‘Data Inconstory’ With Token AlloCations (Decrypt)
• TKENIZATION FIRM Securitize said to be in Talks with Cantor Spaac (Bloomberg)
• Bank of America, Goldman Sachs and Other Big Banks ‘Jointly Exploring’ A Stablecoin (The Block)

AI Disclaimer: Parts of this Article Were Genered with The Assistance from AI Tools and Review by Our Editory Team to Enseure Accucy and Adhesion To Our Standards. For more information, See Coindesk’s Full Ai Policy.

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