Date: Sat, Oct 11, 2025 | 10:10 AM GMT
The cryptocurrency market has just experienced one of its darkest and most shocking days in history, as a wave of panic selling and forced liquidations wiped out billions in trader positions within hours.
The chaos erupted following breaking news that U.S. President Donald Trump announced a 100% tariff on all goods imported from China, reigniting fears of a global trade war. The announcement sent shockwaves through financial markets — and crypto was hit the hardest.
Bitcoin (BTC) and Ethereum (ETH) saw sharp, violent sell-offs, plunging to $104,582 and $3,460 respectively. The sudden drop triggered a cascade of liquidations across leveraged altcoin positions, causing many tokens to collapse by more than 50% within a single minute — a stark reminder of how fragile the market can be when panic sets in.
$19B Crypto Liquidation
According to live data from Coinglass, the total 24-hour liquidation volume surged to a record-breaking $19 billion, marking the largest single-day liquidation event in crypto history.
Out of the total, approximately $16.85 billion came from long positions, as overleveraged traders were wiped out during the rapid sell-off. Short positions, meanwhile, accounted for just $2.51 billion, showing how severely bullish traders were caught off guard by the unexpected market collapse.
Traders Facing Massive Losses
The human impact of this crash is equally staggering. According to Lookonchain, at least four major traders on the Hyperliquid suffered catastrophic losses, each losing over $10 million in a matter of hours.
- 0x1a67 lost $18.73 million – account completely wiped out
- 0x1d52 lost $16.43 million, with only $140 remaining
- 0x0a07 lost $15.69 million, leaving just $104 in the account
- 0xb2ca lost $13.72 million – total liquidation
These traders, like many others, were caught holding heavily leveraged long positions, leaving no room for error when Bitcoin and Ethereum began to free-fall.
The sudden liquidation wave wiped out months — or even years — of accumulated profits in a single trading session, underscoring the high-risk nature of leverage in the volatile crypto market.
The Aftermath
At the time of writing, Bitcoin has recovered slightly to $111,700, while Ethereum trades near $3,836, suggesting some stabilization after the intense volatility.
However, market sentiment remains deeply fearful. Analysts caution that even though a short-term rebound is possible, the psychological damage and liquidity loss from this historic event could take weeks or months to heal.
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