Bitcoin News Today: Crypto's Leverage Reset: Trump Tariffs Trigger $9.5B Liquidation Shakeout
The global cryptocurrency market experienced a dramatic sell-off on October 10, 2025, as U.S. President Donald Trump announced plans to impose additional tariffs on Chinese imports and threatened export controls, triggering over $9.5 billion in liquidations across major exchanges. BitcoinBTC-- (BTC) and EthereumETH-- (ETH) led the decline, with BTCBTC-- dropping below $110,000-a 12% fall in 24 hours-while ETHETH-- plummeted 16% below $3,700. Altcoins such as SolanaSOL-- (SOL), XRPXRP--, and DogecoinDOGE-- (DOGE) also faced steep losses, with some tokens declining by 30% or more [3].
The liquidation surge was concentrated on leveraged long positions, with Coinglass reporting $700 million in liquidations within 24 hours, of which $609 million came from longs . Over 210,000 traders were affected, including high-profile accounts that lost multi-million-dollar positions. The largest single liquidation, a $15.49 million BTC-USDT trade on Hyperliquid, underscored the severity of the market stress [4].
The crisis was exacerbated by overlapping macroeconomic factors, including crypto options expiries and declining spot ETF inflows, which heightened volatility. Analysts noted parallels to the March 2020 market crash, with some labeling the event a "full leverage reset" and "one for the ages" [3]. The sell-off mirrored traditional markets, where the S&P 500 lost $1.2 trillion in value within 40 minutes of Trump's announcement [5].
Binance, the largest crypto exchange, faced renewed pressure to release full liquidation data, a move Bybit had already pledged to make. Bybit's CEO, Ben Zhou, highlighted discrepancies in initial liquidation estimates, suggesting the true losses were closer to $8–10 billion rather than the $2 billion initially reported by Coinglass [1]. Binance, which restricted liquidation data access in 2021 to avoid regulatory scrutiny, has yet to commit to transparency, drawing criticism from traders who emphasized the need for visibility into forced liquidations during extreme volatility [1].
The event exposed the crypto market's growing sensitivity to geopolitical risks. Analysts warned that prolonged U.S.-China tensions could extend the downturn, with potential retaliatory measures or formal executive actions prolonging the sell-off. Institutional traders, meanwhile, adopted defensive strategies, including reducing leverage and hedging positions, as funding rates flipped to negative territory across exchanges .
Traders and analysts called for caution, with some suggesting the market could stabilize if no further policy shocks emerged. However, the lack of regulatory clarity and the interconnectedness of crypto and traditional markets remain key concerns. "This is a great candidate for the mother of shakeouts," remarked prominent trader Bob Loukas, while others emphasized the need for disciplined risk management in volatile environments [3].
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