According to @52kskew, the latest move in crypto was an unprecedented liquidity crunch and flash crash, comparable in severity to post‑COVID dislocations that took time to normalize, source: @52kskew, X, Oct 11, 2025. The author states that during COVID-era stress, BitMEX was hit the hardest as the dominant perpetual futures venue at the time, source: @52kskew, X, Oct 11, 2025. In the current episode, Binance absorbed the most impact, with HL almost affected as well due to reliance on the same external liquidity provider or market maker, highlighting concentrated third‑party risk across venues, source: @52kskew, X, Oct 11, 2025.