The cryptocurrency market experienced its largest liquidation event in history on October 10, 2025, with over $19 billion in leveraged positions wiped out within 24 hours. The crash, triggered by a combination of U.S. President Donald Trump's 100% tariff threat on Chinese imports and vulnerabilities in exchange infrastructure, erased nearly $800 billion in market value and left 1.6 million traders reeling. BitcoinBTC-- plummeted from record highs to briefly trade below $110,000, while altcoins saw losses of 30–60%.
[1]: Crypto's Black Friday: Inside The $19B Market Meltdown - Forbes
The sell-off was not solely driven by macroeconomic fears. A critical factor was a pricing glitch on Binance, the world's largest exchange, which mispriced assets like Ethena's USDeUSDe-- stablecoin. When USDe's value dropped to $0.65 on Binance-despite holding $1 elsewhere-it triggered a cascade of forced liquidations. Analysts noted that Binance's reliance on internal market data rather than independent oracles exacerbated the crisis, as automated systems amplified the sell-off across interconnected platforms.
[2]: $19B crypto market crash: Was it leverage, China tariffs or both?
Glassnode's analysis revealed that 6.7 times more long positions were liquidated than shorts, highlighting the market's extreme overleveraging. The firm emphasized that the crash was not a "wholesale market surrender" but a "leverage-driven event." Open interest in Bitcoin futures collapsed by $12 billion in a single day, signaling a purge of speculative excess. Despite the turmoil, Bitcoin's quick rebound and stable funding rates suggested a self-correcting market.
[3]: Glassnode: 97% of Bitcoin Supply Now in Profit, Short-Term Risks ...
Post-crash data indicated a potential reset for the market. As of October 13, 97% of Bitcoin's circulating supply was in profit, a level typically associated with late-stage bull cycles. Institutional demand, including $2.5 billion in inflows to U.S. spot Bitcoin ETFs, provided a foundation for recovery. However, analysts warned that rising futures open interest and funding rates-exceeding 8% annually-introduced short-term fragility.
[4]: Bitcoin's On-Chain Profitability Has Surged With 97% of Supply ...
The crash underscored systemic risks in crypto's infrastructure. Unlike traditional finance's circuit breakers and clearinghouses, crypto's lack of standardized safeguards allowed a single exchange's mispricing to trigger a global cascade. Hyperliquid, a decentralized derivatives platform, defended its role, stating it operated as designed, while critics pointed to opaque liquidation practices on centralized exchanges.
[5]: $19B crypto market crash: Was it leverage, China tariffs or both?
While the immediate future remains uncertain, some analysts see the crash as a cleansing event. "Leverage has been flushed out, and confidence is returning," noted a Bloomberg report. Bitcoin's resilience, compared to the volatile performance of altcoins, reinforced its role as a safe haven during stress. However, regulatory scrutiny of exchanges is expected to intensify, with calls for transparency and risk management reforms.
[6]: Bitcoin's Fragile Rebound Follows $20 Billion Leverage Wipeout
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