This time, a total of $19.3 billion was liquidated, $10 billion more than the 519 crash. The market widely suspects it was caused by a combination of unified margin + used + market makers losing money and exiting. There are several tokens like $ATOM that suddenly went to zero, which can be understood as market makers losing everything and running away, leading to a complete loss of liquidity. Imagine an extreme scenario: you have 1 million $ATOM, and at the same time, you're using low leverage to go long on any other coin. Suddenly, $ATOM goes to zero, your margin is gone, and even with low leverage, you'd still get liquidated.