Haciyev Reşit 
According to data from Coinglass, the 10 largest liquidation events in the cryptocurrency market have been revealed. At the top of the list is the October 10, 2025 crash, triggered by the new U.S. tariffs imposed on China. On that day, a total of $19.16 billion worth of leveraged positions were liquidated marking the largest liquidation wave in crypto history.
October 10, 2025 Liquidation: A Historic Crash
The massive sell-off that took place on Friday night sent Bitcoin’s price tumbling by 18% within hours, while leading altcoins such as Ethereum and Solana also suffered double-digit losses.
According to the data, around 82% of total liquidations came from long positions, meaning most investors were betting on rising prices but lost their positions in a sudden downturn.
Experts note that this crash marks a turning point not only in price action but also in market structure. Reports from Matrixport and CoinShares indicate that excessive leverage levels triggered a chain reaction of liquidations across the system.
Benjamin Cowen commented:
“This had an even greater impact than the crashes of 2021 and 2022. Seeing over $19 billion in derivative positions wiped out in a single day is something unprecedented in crypto history.”
Turkey’s Crypto Payment Ban Ranks 9th
Another notable event on the list occurred on April 16, 2021, when the Central Bank of the Republic of Turkey announced a ban on crypto payments, shaking markets on a global scale.
Following the announcement, Bitcoin’s price fell by about 10% in one day, while a total of $2.77 billion in leveraged positions were liquidated. According to Coinglass data, this event became the ninth-largest liquidation in crypto market history. Experts noted that at the time, markets were already operating with high leverage and low liquidity, so regulatory news accelerated the cascade of sell-offs.
Other Historic Liquidations
Other major liquidations listed by Coinglass include:
- March 12, 2020 (“Black Thursday”) – $5.6 billion liquidated amid COVID-19 panic
- May 19, 2021 – $4.9 billion after China’s mining ban
- November 8, 2022 – $3.8 billion during the FTX collapse
- August 17, 2023 – $3.5 billion following Bitcoin ETF rumors
- March 14, 2024 – $3.2 billion before spot ETF approval
These events once again highlight the high volatility and leverage risks inherent to the crypto market.
Crypto Market Tests Its Resilience
The October 10, 2025 liquidation exposed both the structural weaknesses and resilience of the crypto ecosystem. The market’s swift recovery after the wave of liquidations demonstrates a more mature investor base and the supportive role of institutional capital. Analysts emphasize that volatility typically declines after large liquidation events, as the market rebalances itself.
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