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MUSDT liquidation cascade on June 24, 2026

MUSDT fell as much as 84.9% and finished 72.2% below its recorded baseline.

Figures corrected 11 Oct 2026: measured from the window's first one-minute open (previously shown as -84.6% at the peak).

Investigate MUSDT →Research the setup at 22:36 UTC →🔒 Replay with Pro →

Free replays cover the last 7 days and selected events.

Peak move
-84.9%
Net move
-72.2%
Reported liquidations
$2.2M
Largest liquidation
$489K
Duration
6h
Volume
$83.2M
Liquidation cascadeBinance
06-24 21:06 to 06-25 06:06 UTC · 5m candles
Key moments
Estimated liquidation zones

Candle-based estimates, not observed liquidation orders. As of 2026-06-25 05:55 UTC.

Key moments

Times in UTC. Select one to replay from that minute. Phase totals and extremes are retrospective; sequence details show when the closed-minute reading was known.
Fall to the lowRetrospective phase · contract OI unavailable · -84.9%Range break with expanding participationDownward move · reference $2.621 · trades 22.8×, volume 69.3× (5m average / prior 60m median) · known at 00:33:00 UTC close · $2.5625Range brokenDownward move · reference $2.621 · trades 22.8×, volume 69.3× (5m average / prior 60m median) · known at 00:33:00 UTC close · $2.5625Flash move-62.1%VPIN spike0.73Liquidation burstlongs liquidated · $1.5M
6 more momentsLargest liquidationlongs liquidated · $489KLarge rejecting wick17.2%Volume climax$1.6MFunding flipped negative-0.090%Low$0.4057After the extremeRetrospective phase · contract OI unavailable · +81.6%

Research markers

Why the liquidation cascade label?

These observations support the label. They do not show what caused the move or who started it.

Label confidence 0.85 of 1longs liquidated 85%liquidations $2.2M

How these numbers are measured

Peak and net moves start from the recorded baseline, which can differ from the replay's first price.

Liquidations are reported venue snapshots; orders a venue left out are not rebuilt.

Exact definitions
  • Replay window: 2026-06-24T22:36:05.884Z to 2026-06-25T04:36:15.214Z.
  • Recorded baseline: $2.6908. High: $2.7067. End: $0.7477.
  • The liquidation cascade label describes the detected event class, so a later reversal changes the net move without silently changing the classification.
  • Price-extreme and wick times mark the source candle, not the exact tick.
Data provenance and methodology →
What the replay includes
Recorded streams
Order book (L2)560KTrades / tape763KLiquidations534Liquidation heatmapVPIN / toxicityOI & positioning
What you will see
  1. MUSDT fell as much as 84.9% and finished 72.2% below its recorded baseline. The event lasted 6h.
  2. Forced selling tripping liquidation levels in sequence: a cascade, not one seller.
  3. $2.2M liquidated, largest reported liquidation $489K.
  4. $1.5M force-liquidated in about a minute from 00:35 UTC.
  5. Capitulation wick of 17.2% at 00:36 UTC.
  6. Funding flipped negative at 00:37 UTC (-0.090%).