The all-market liquidation figures should be between 147.0 and 206.0 billion USD.

Hyperliquid is 10.3 billion USD, about 5% to 7% of the derivatives market share. So that day, the CEX liquidation data should have been between 130 and 190 billion USD.

After a record liquidation, it also brought record customer acquisition costs.

The cash that was wiped out from the leading platforms should be between 20 and 30 billion USD.

It’s not exactly unexpected either—after all, some platforms not only had pricing mistakes, canceled buy orders, and even unplugged the network cables immediately; in that case, there was no way to bottom-fish.

It doesn’t seem very connected to Trump either—since relationships with any party will eventually be exposed in the future.

Was it intentional? Most likely yes, because a pricing system, quote system, and trading system all showing anomalies at the same time isn’t logical.

Who knew what, and when?

Who withdrew liquidity early?

Who changed their position before abnormal prices appeared?

Which platforms’ risk-control and quoting systems had anomalies at the same time?

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