Reflecting on the events of 10.11, here are some thoughts. This incident felt more like a targeted attack on Binance and certain market makers. The three assets that were sniped are: USDE, BNSOL, and WBETH. USDE: Binance had just announced its investment in Ethena and introduced USDE into the Binance ecosystem. BNSOL and WBETH: Both are derivative assets issued by Binance. On 10.6, Binance announced a change in their price calculation method, with the implementation date set for 10.14. However, before the changes took effect, the attackers took advantage of Trump’s latest bearish news to make their move. BTC itself is fine—the trend is still healthy. But this incident exposed a lot of issues: 1. Market liquidity is extremely tight. 2. CEXs introducing risky assets has led to more potential systemic risks. 3. Various participants in the market (including institutions) are over-leveraging themselves in pursuit of high returns. 4. Market makers aren’t “making markets”—they just keep selling at the open, and most altcoins have no buy support. 5. Secondary traders, swing traders, and value investors are the ones hurt the most. Meanwhile, U.S. politicians like Trump, Wall Street capital, project teams, and market makers are all coming to the secondary market to drain liquidity. Even Binance’s push for Chinese meme hype is essentially just diverting liquidity away from the secondary market. And me? I’m the dumbest secondary trader of them all. Fuck.