According to CoinMeta, Tread.fi CEO DYJ analysis indicates that the flash crash of US stock AI concept stock perpetual contracts began on Binance. A trader closed out a long position worth approximately 2 million US dollars SNDK, triggering a sharp decline. Binance SNDK was the first to see large-scale selling, with a transaction volume of about 407,000 US dollars in one second, and about 1.03 million US dollars MU also started selling in the same second. Subsequently, there were bulk orders, with about 10 addresses submitting sell orders to SNDK, SOXL, DRAM, SKHX, SKHY, and MU within 1.8 seconds. During the initial phase of selling, the transaction volumes for Binance SNDK and MU were approximately 21.9 million US dollars and 5.1 million US dollars respectively, while the corresponding transaction volumes for Trade.xyz were about 3.1 million US dollars and 300,000 US dollars. On Hyperliquid, the transaction volumes for MU then increased to 10.8 million US dollars and 9.5 million US dollars within two minutes, and this stage was due to chain liquidation.