1. The “Listing Fee” Controversy Reignites: Is “Zero Listing Fee” Really Good?

On October 14, CJ Hetherington, CEO of Limitless Labs, posted on X (his company is supported by Coinbase Ventures), directly pointing out the issue of Binance charging high listing fees. Click to read.

2.Galaxy: A Comprehensive Analysis of the Largest Flash Crash in Crypto History

On Friday at 20:50 UTC, Trump's unexpected tariff statement triggered a market shock, initiating the largest nominal deleveraging in cryptocurrency history: over $19 billion in positions were liquidated within approximately 24 hours, and Bitcoin plummeted to a low of $106,000 - $107,000 before rebounding. U.S. stocks also fell (the Nasdaq index dropped 3.6%, and the S&P 500 index fell 2.7%, marking the worst single-day performance since April). On the Binance platform, three pegged assets, USDe, BNSOL, and wBETH, experienced severe decoupling: USDe, which should be pegged to the dollar at 1:1, fell to a low of $0.65, but the minting and redemption functions on the Ethena platform remained normal, and most exchanges still maintained parity; wBETH dropped to $430 at its lowest point, and BNSOL hit a low of $34.90, representing a discount of up to 80%-90% compared to its underlying assets ETH and SOL. The sharp decline triggered large-scale liquidations, prompting exchanges to initiate risk control mechanisms, with multiple platforms triggering automatic deleveraging (ADL) to limit losses during the “free fall” period through forced liquidations. Click to read.

3.3 trillion USD largest “fat finger” in history

Blockchain data shows that on October 15 at 7:12 PM UTC, stablecoin issuer Paxos minted 300 trillion PYUSD stablecoins pegged to the US dollar at a 1:1 ratio, and then sent all the tokens to an inaccessible wallet address for destruction 22 minutes later. Click to read.

4.CoinGecko: Q3 2025 Cryptocurrency Industry Report

In the third quarter of 2025, the cryptocurrency market continued its upward trend for the third consecutive quarter. The total market capitalization increased by 16.4%, adding $563.6 billion, reaching $4.0 trillion, the highest level since the end of 2021. This quarter marks the entry of the cryptocurrency market into the second round of the recovery phase, driven by factors such as a surge in liquidity, the re-entry of institutional funds, and a significant rebound in trading activity. Click to read.

5. Binance Liquidity Crash: What happened between 21:18 and 21:20 UTC on the 11th?

A few days ago, the cryptocurrency market experienced the largest liquidation wave in history. Many analysts, including myself, first noticed the significant decoupling of the USDe stablecoin on Binance. At that time, we speculated that this was caused by the circular loan liquidations triggered by Binance's 12% annual yield USDe promotion. In hindsight, this theory was incorrect. The decoupling was not the cause, but rather the result. The market had already collapsed before the fluctuations in USDe occurred. Click to read