If Bitget has problems
↓
Users start to suspect other exchanges
↓
Large-scale withdrawals
↓
Other exchanges face liquidity pressure
↓
Platform tokens like BGB crash
↓
Collateral value declines
↓
Liquidations of leveraged positions
↓
BTC/ETH forced to be sold
↓
The market falls further
At this point, the impact could expand from losses of hundreds of millions of dollars to tens of billions, or even a larger scale, as leverage is unwound.
↓
Users start to suspect other exchanges
↓
Large-scale withdrawals
↓
Other exchanges face liquidity pressure
↓
Platform tokens like BGB crash
↓
Collateral value declines
↓
Liquidations of leveraged positions
↓
BTC/ETH forced to be sold
↓
The market falls further
At this point, the impact could expand from losses of hundreds of millions of dollars to tens of billions, or even a larger scale, as leverage is unwound.