According to Odaily Planet Daily, Primitive Ventures founder Dovey published a post on the X platform, speculating that the recent market crash was caused by a large-scale margin call on Binance by a major institution (possibly a cross-margin trading firm). While further analysis is needed, preliminary data indicates that the price of USDe on Binance plummeted to as low as $0.6, while prices on other exchanges remained relatively strong. Furthermore, there has been a significant discrepancy in trading volume between tokens listed on Binance and those not listed on Binance.