"Binance urgently injects $188,000,000 insurance fund… About $19.1 billion liquidated as Bitcoin plunges"

Amid a large-scale liquidation event in the crypto market, Binance reportedly injected an $188,000,000 (approximately KRW 267.5 billion) insurance fund to stabilize the futures market.

On the 11th (local time), crypto-focused media CoinGabbar reported that the shared insurance fund for BTC·ETH·BNB USDT-margined contracts on Binance's futures exchange fell from $1,230,000,000 to $1,040,000,000. It said $188,000,000 was injected over the past 24 hours and used for risk management and to cover traders' losses.

Binance said, "The insurance fund is a mechanism to protect traders from losses exceeding their collateral during extreme price moves," and added, "This action was taken in response to recent severe market volatility."

On that day, Bitcoin fell to a 24-hour low of $101,516 before recovering to $112,158, while Ethereum dropped to $3,400 and then rebounded to around $3,781. The plunge triggered the largest single-day liquidations so far this year.

Data platform Coinglass reported that roughly $19,100,000,000 (about KRW 27 trillion) in positions were liquidated across the market within 24 hours, of which $16,600,000,000 were long positions. On Binance's futures market, $706,200,000 was liquidated, and BNB long positions alone lost $648,500,000, marking the largest single-day liquidation this year.

Meanwhile, on-chain derivatives exchange Hyperliquid recorded total liquidations of $10,280,000,000, of which $9,300,000,000 came from long positions. Hyperliquid's liquidity provider, the HLP Vault, reportedly increased its profit from $80,000,000 to $120,000,000 in a single day, securing a $40,000,000 gain.