Crypto markets remain active following a series of unexpected events and sharp price moves. Online discussions have focused on a minting error involving PYUSD, Ethereum’s role in financial and digital infrastructure, debate over Bitcoin’s place in the market, and revised liquidation data that challenges a widely shared headline. Traders are tracking these developments as conditions continue to shift.
$300 Trillion PYUSD Error Draws Broad Attention
The term ‘pyusd’ gained traction on social platforms after Paxos mistakenly minted $300 trillion worth of PYUSD stablecoins on Ethereum. The mint was quickly reversed, and the tokens were burned. The size of the error sparked concern, with users questioning how such a large amount could be created without triggering safeguards.
Paxos confirmed the event was caused by an internal issue. The company stated,
“No breach occurred, and customer funds remain safe.”
While the error was corrected, it raised concerns about operational controls within stablecoin platforms. The size of the mint, even if temporary, prompted wider discussion about risk management in stablecoin issuance.
Ethereum Sees Growing Use Across Sectors
Ethereum remains widely discussed. Mentions increased following several updates, including large deposits into DeFi vaults by the Ethereum Foundation, ETF inflows, and supply dynamics linked to institutional demand. Ethereum was also referenced in connection with national digital ID programs and cross-chain projects.
Developer activity on the network continues to grow. Reports show that Ethereum is the most used network for new developers in 2025. Posts also highlighted progress in scaling tools like zkEVM, used for faster and cheaper transactions. Ethereum’s role in the PYUSD minting event added to the ongoing conversation, as the mint occurred directly on its chain.
Bitcoin, Tether, and Monad Stay in Focus
Bitcoin is still a central topic. Users are comparing its performance to other assets, including gold and altcoins. Discussions include Bitcoin’s long-term role as a hedge, as well as debate over whether capital is rotating back toward BTC from smaller tokens.
Mentions of Tether and USDT increased due to its role in daily trading and ongoing discussion over its backing and governance. Some posts mentioned scams targeting users by pretending to be Tether support, adding to the concerns.
The term ‘mon’ also saw a rise in usage, tied to the Monad project. The project is distributing its $MON token through Telegram bots. The ability to claim tokens easily through social platforms has driven high engagement.
Real Liquidation Figures Lower Than Reported
After a sharp move on October 10, several media outlets reported that crypto markets saw $19 billion in liquidations, calling it a record. CryptoQuant analyst Carmelo Alemán reviewed on-chain data and said this figure was overstated. The number represents the nominal value of leveraged positions, not actual losses by traders.
Alemán explained,
“The $19B corresponds to the size of the positions, not the capital lost.”
Real liquidations on October 10 were much lower. Bitcoin had $1.05 billion in long positions and $133.6 million in shorts liquidated. Ethereum saw $895 million in longs and $229.7 million in shorts, for a total of around $2.31 billion across the market.
The highest real liquidation total remains April 18, 2021, which reached $3.09 billion. Alemán said traders should review such data carefully, as large numbers may not always reflect actual financial losses.
