The crypto market’s latest meltdown didn’t start on Wall Street, according to many investors it started in Washington. A single post about new U.S. tariffs set off a global chain reaction, erasing billions in market value within hours and sparking one of the most dramatic liquidation cascades in years.
This rapid downturn exposed critical weaknesses in the market’s leverage structure, collateral systems, and even stablecoin mechanisms. Margin traders were wiped out as forced sales accelerated across exchanges. Yet, amid the carnage, data shows that several platforms quietly profited from the chaos.
According to on-chain analysis, leading exchanges and liquidity providers collected record fees, while Binance’s insurance fund declined by $186 million, still robust relative to trading volumes but indicative of the scale of volatility.
Now, analysts suggest the bloodbath could be laying the groundwork for a recovery. With overleveraged traders flushed out and funding rates normalizing, market depth is beginning to rebuild. 10x Research reports that the market’s internal structure has “reset,” creating conditions for asymmetric gains in the coming months.
Their findings point to a single, overlooked altcoin as the top rebound candidate, believed to be Binance’s native token, BNB. Once sidelined during the last rally, the token could potentially double in value if liquidity returns and risk appetite strengthens, positioning it as one of the strongest comeback contenders in the post-liquidation cycle.
