WallStreetJunkies

TL;DR: Binance had a major technical breakdown that erased buy orders, froze market makers, and caused an artificial crash that wiped out retail and raised questions about fake liquidity and possible misconduct.

At 5:00 AM Beijing time (5:00 PM Eastern), buy orders on Binance began to be massively withdrawn. Bitcoin and altcoins entered a 20-minute free fall — the entire Binance order book collapsed. The issue was not that the whole market lacked buyers. The question is: why did only Binance’s buy orders disappear? Binance’s buy-side depth was significantly lower than other exchanges.

In traditional markets (like NASDAQ or other U.S. stock exchanges), such a “vacuum” is almost impossible — and certainly not isolated to a single venue.

1. The Strongest Evidence Available Online (Data Acquisition Authenticity Screen-Recorded)

Below is BTC/USDT perpetual futures order book data a few hours before the incident. The green line represents bids, the red line represents asks — a symmetrical structure with bids decreasing and asks increasing.

https://preview.redd.it/s5cexwd3v02g1.png?width=726&format=png&auto=webp&s=889447ace0c4e0db2006acbce44f9639de658018

https://preview.redd.it/dflbkcv9v02g1.png?width=708&format=png&auto=webp&s=91c02fa7b8ba9871196827467b599c8aa7228dce

Around 4:55, a small portion of bids exceeded asks, but there was still sufficient buying depth.

https://preview.redd.it/d9ueiiugv02g1.png?width=706&format=png&auto=webp&s=3fe64bc8deedb53c1c461290092006f6d62dbfdb

By By 5:10, the bids and asks visibly crossed — a prolonged crossed market, signaling matching engine failure.

https://preview.redd.it/g3s9vrrkv02g1.png?width=712&format=png&auto=webp&s=52abac7c28a9e9d84fae4bb833c9357360f2f7b3

Around 5:20, which marked the lowest prices across many coins, altcoin bids fell into a complete vacuum. It’s estimated that most matching shards were entirely frozen.

Both the Order Ingress Queue and matching queue were heavily congested.

https://preview.redd.it/1hol53hsv02g1.png?width=900&format=png&auto=webp&s=d879dd50dc18a16b80291981c3f6c838f1f44bbc

The engine could not process incoming orders in time. Binance’s core trading system suffered a severe breakdown. In short: old bids were withdrawn, new bids couldn’t enter — prices went into free fall.

2. Major Market Makers' Cross-Exchange Trading Locked Down—Twilight of the Gods

After buy-side liquidity vanished, major market makers who should have been obligated to provide quotes and support the market faced cross-exchange trading difficulties due to Binance's withdrawal congestion. Market makers like Wintermute, with priority channels and high-speed order placement capabilities, can normally execute even during extreme conditions when the matching engine is overloaded. However, their liquidity is limited. After Binance's order book issues caused price crashes, Wintermute's CEO described being unable to withdraw coins purchased on Binance to sell on Coinbase—preventing them from obtaining funds to redeposit on Binance to maintain buy-side support.

For example, DOGE fell to $0.095 on Binance, while it was $0.17 on Coinbase at the same time.

If Binance hadn't experienced various technical issues, would a "buy-side vacuum" really occur? The answer is clearly no. Consider normal market conditions: when Galaxy Digital sold 80,000 BTC, Bitcoin dropped from $118,000 to $115,000. On October 11, with no major on-chain anomalies detected, Bitcoin plummeted from $117,000 to $101,500 in 30 minutes. The market's strong buying pressure with nowhere to go was also reflected in the options market—

• Almost all sell-side liquidity disappeared in the options market; -

Option buy orders continued stacking up, with actual transaction prices far exceeding fair values calculated by the Black-Scholes model.

• Orders were mostly from professional quantitative institutions; whenever someone posted a remotely reasonable sell price, it was immediately swept by bots.

In other words, people wanting to buy never truly disappeared—they simply couldn't buy due to various technical reasons. 。 If you could buy ATOM at $0.0001, wouldn't you? Obviously you would. Now let's examine the situation for ordinary quant firms and retail traders at the bottom of the food chain.

3、 Quants and Retail Wiped Out Without Priority Exchange Access

During this trading anomaly, without access to low-latency matching channels, quant traders and retail investors were completely locked out of the system.

Multiple market maker friends reported experiencing hundreds of order retry attempts during the incident. Even ReduceOnly orders (the highest system priority for position reduction) couldn't execute, continuously encountering 503 (Service Unavailable) and -1008 (Service Overloaded) errors—all fully logged. ReduceOnly orders failed to go through; Taker and Maker orders had even less chance.. Bottom-fishing buy orders were universally rejected.

https://preview.redd.it/hkcgf9w9w02g1.png?width=900&format=png&auto=webp&s=c7454ee08c0e52a85c6c87ee1f487744ac42f02f

In the end, retail traders—who understood the underlying truth least and created no pressure on the overloaded system—were labeled "gamblers" and bore the greatest losses. Their margin was carved up by counterparties and the exchange.

4、 Collapse of Fake Liquidity

Does Binance engage in wash trading? My answer: 100% yes.

Especially among altcoins that crashed to near-zero during the 10·11 incident — such as ATOM . How can a top-50 coin, worth over 1.5b usd go to zero in minutes?

Artificial liquidity made the market look vibrant — fake depth lured users into an illusion. But once the matching engine faltered, this fake liquidity collapsed into vacuum

5、 Comparison with Fair, Regulated Markets

Are Binance's market makers actually Binance itself? Does Binance still control a market maker like Sigma Chain—as the SEC once alleged? Was the buy order withdrawal purely a system malfunction or intentional by Binance? I cannot verify this.

But regardless, market making should follow basic rules.

In traditional markets like NASDAQ, market maker regulations are extremely strict. Take Rules 4613 and 4619 as examples:

Market makers must continuously provide two-sided quotes Quote depth and spread (Maximum Allowable Spread) have clear limits If withdrawing due to technical or legal reasons, must apply for "Excused Withdrawal" Unexcused Withdrawal results in penalties or delisting Wash Trading is strictly prohibited, with clear role separation between market makers and exchanges. Under such reasonable and fair frameworks, a "sudden buy-side vacuum" without major news or concentrated selling pressure is virtually impossible.

Because a stable closed loop forms between the exchange, users, and market makers.

In Binance's regulatory vacuum, the situation is completely opposite: Frequent API errors, severely imbalanced order books, and it's unknown whether user funds are being misappropriated to manipulate market prices. There's extreme incentive misalignment between the outsourced teams maintaining the trading system and the exchange. Do they have sufficient motivation to ensure smooth operation of a system generating $70 million in matching fees daily?

6、 The Universe's #1 Exchange in a Regulatory Vacuum

In this incident:

Long position holders were liquidated Short position holders (e.g., "delta neutral" strategies—buying spot, selling futures) were forcibly auto-deleveraged (ADL) at absurd prices and liquidated at completely unreasonable prices—exactly as Wintermute's CEO described. They weren't blind gamblers, yet became sacrifices for Binance's hundred-billion-dollar valuation.

In a market with virtually no regulatory constraints, when an exchange permits such buy-side vacuums, it's no longer intermediating between buyers and sellers—it's directly counter-trading with users. And users always lose.

7、 Public Request for Evidence

We request Binance submit a "platform-level minimal proof package" (unrelated to any individual account) by October 31：

1） Pricing/Mark Price/Price Bands

Mark price per second + algorithm version

Index components/weights/clipping logs (full data for those minutes)

Price bands (upper/lower) per second + "out-of-band rejection volume" per second + manual intervention status

2）Liquidation/ADL (System Level)

Liquidation/ADL order volume and notional, queue length, matching resource allocation (per second)

Risk engine version and parameter changes (event window ±1 hour): MMR tables, ADL rules, change logs

3）Insurance Fund

Balance and transactions (per second, including accounts/counterparties)

Funding gaps and disposal priorities (capital injection/suspension/call auction/price band adjustment)

4）Matching Neutrality / Proprietary Net Selling

"No Proprietary Net Selling Statement" + Merkle root of proprietary/affiliated account set

Proprietary net Delta and market-making net Delta per-second summary during event window (fields may be anonymized)

5）Operations and Change Control

Event window ±1 hour: "freeze/approval records" and version hashes for parameters/code/rate limit thresholds

Overall platform health: p50/p95 latency, error rate, availability per second; call auction/circuit breaker trigger records

The truth grows clearer through debate. If you are a whistleblower or possess key evidence, please step forward to help uncover the truth, Thank you!

Netflix stock has opened lower by 90% on Monday. But shareholders have absolutely nothing to worry about. The investment value of Netflix shareholders remains the same.

Netflix stock closed around $1,140 on Friday but opened around $111 on Monday. The big change in the Netflix share price is a result of a stock split. Trading began on a split-adjusted basis at market open on Monday, November 17, 2025.

Netflix shares traded at $1,100 before the split; an investor holding one share before the split would hold 10 shares priced at $110 each after the split. So, do not get confused after the Netflix stock price has fallen to $111 on open on November 17, a fall of 90%.

Netflix had declared a ten-for-one stock split, which will allow owners of record on November 10, 2025, to get nine more shares for each share they already own, making the company’s stock more affordable.

The record date for the Netflix stock split was November 10. Each shareholder as of the close of trading on Monday, November 10, 2025, became eligible for the ten-for-one stock split of the Company’s common stock.

The additional 9 shares for every share held on the record date of Netflix were credited to the Demat account after the close of trading on Friday, November 14, 2025.

Stock prices on investing websites adjust to reflect splits, preventing confusion that could suggest a large sell-off when there isn’t one. Ultimately, a stock split doesn’t alter the company’s value, but it can make shares more accessible to investors unable to purchase fractional shares.

Netflix has announced a stock split to make each share of the company more affordable for investors. A stock split results in an increase in the number of shares of the company without any change in the shareholder equity and diluting current shareholders’ ownership interests.

It is Netflix’s ten-for-one stock split, as every shareholder holding 1 Netflix stock will effectively hold 10 stocks, before trading begins post-split on November 17.

Netflix, with a market cap of around $467 billion, is up over 25% YTD and 31% in the last 12 months. On the trading date after the stock split, on Monday, November 17, the stock will begin trading at one-tenth of its previous price.

Brokerages can be categorized mainly by whether they have commissions or not, and then by the features of the platforms you do your actual trading on.

Commissions Brokerages

TDAmeritrade

ThinkOrSwim is the all-around best stock/options/forex/futures platform. It has issues but it also has a lot of features and is used by tons of traders. The commissions are relatively high but you can call in and get them lowered if you complain. The charts are widely considered to be the best. At least a few times a year there will be data outages during trading hours on ThinkOrSwim.

Ninjatrader 7/8*

Ninjatrader 8 is a great platform for trading futures. The Ninjatrader site gives you a choice of two different futures brokerages which are pretty similar. There are rarely data outage issues but the charts are comparatively not as good as ThinkOrSwim though they have many standout features that no other platform has. If you can program you can indefinitely extend nearly every aspect of the platform.

You can optionally buy the expensive multibroker license and use Ninjatrader 8 simultaneously with a lot of different brokerages for futures, forex, and stocks, but the free/lease licenses are sufficient for futures trading depending on the features you need.

Tastyworks

Lowest trading fees of all the commissions-having brokerages. The charts are crap and there is no tick data but a lot of people like it for executing trades due to the low fees.

AMP

The Walmart of futures trading. It's got a bunch of platforms you can choose from and some of the lowest commissions. I've traded with it. It's not bad. Most of the platforms they offer are garbage but the TT-Web trading platform is pretty good.

Interactive Brokers

Probably one of the worst interfaces but it has low fees and a lot of people swear by it.

No-Commissions Brokerages

Robinhood

Robinhood is the original no-fee brokerage. They now offer options as well as long-only stock trades. They have a phone client and a new PC interface.

Alpaca

Alpaca is a no-fee algo-trading brokerage that is in early access. I don't have a whole lot of information about it but I'm interested to see what people do with the free market data API.

Oanda

Technically free forex brokerage, you just pay spread. TD has that too though.