Record Crypto Liquidations Hit Over $19 B in 24 Hours
11 October 2025
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The cryptocurrency market endured a historic wave of forced liquidations over one 24-hour period, with more than $19 billion worth of leveraged positions wiped out. Analysts report that over 1.6 million traders were caught as prices plunged in response to geopolitical shocks and fragile market structure.
Why It Happened
The trigger? A surprise announcement of a 100 % tariff on Chinese imports by the U.S. President reignited global risk-off sentiment. Crypto markets — already stretched with high leverage and thin liquidity — collapsed in cascading fashion. Long-only futures and perpetual contracts bore the brunt of the sell-off, with many traders forced out within hours.
What It Means
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The scale of the liquidation event reveals how exposed leveraged crypto markets remain to macro-economic and institutional shocks.
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Institutional players note that the bulk of losses came from crypto-native leveraged traders rather than major institutions — but the infrastructure risk remains.
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From a technical viewpoint, the purge may act as a “reset” for excess speculation. With weak hands flushed out, some analysts believe the market may rebuild from a cleaner base.
Key Data and Levels
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Over $19 billion in liquidations within one day, making this the largest in crypto history.
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Major cryptocurrencies like Bitcoin and Ethereum fell sharply — Bitcoin dipped below $110 000, while Ethereum dropped to the $3 600-$3 900 range during the worst of the moves.
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The event exposed structural risks including thin order books, de-pegging of collateral (notably some stablecoins), and deficiencies in margin and liquidation frameworks across exchanges.
Market Outlook
In the short term, volatility is likely to remain elevated. Traders should keep an eye on:
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Spot and derivatives market open interest and funding rates (to assess rebuild of leverage)
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Where price support emerges — if major support zones hold, a rebound is possible
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Macro-risk events (tariffs, regulation, economic data) that could trigger a second wave of selling
The event serves as a powerful reminder that even in a bullish crypto market, complacency around leverage and macro exposure can prove costly. The market may now shift from a pure growth narrative to one of structural consolidation and risk control.
