The biggest black swan in the crypto world ever, with a total liquidation of 40 billion USD across the network. Many market makers got liquidated, and the structural risks of encryption assets were undoubtedly exposed in this black swan. All my stop losses were triggered, and the drawdown was severe.

I got home too late yesterday and went to bed early. I made a slight judgment error, which is that the source of this tariff war is China's sanctions on the United States regarding rare earth elements, so this time what Trump says doesn't count; what China says counts.
The second point is that whether it is the US stock market, A-shares, or the crypto market, cash flow is always insufficient during market closures.
And financial products like USDE can be leveraged, which has led many people to get liquidated in leveraged accounts.
When low liquidity assets encounter concentrated selling, it becomes difficult to replenish in a timely manner. Exchanges experience downtime to varying degrees during extreme market conditions (with extremely high delays and significant errors, which are caused by insufficient throughput capacity). Therefore, after the US market closes, some market makers go off duty. Regardless of whether it is in Europe and America or Asia, market makers have clearly defined working hours. If this had happened during the trading day on a weekday, liquidity might have already been restored, and such a massive chain liquidation event would not have occurred.