The Largest Liquidation in History: $19 Billion Evaporated

On the night of October 11, 2025, crypto markets witnessed the largest leveraged position liquidation in history. U.S. President Donald Trump’s threat to impose new and high tariffs on Chinese imports suddenly ended global risk appetite and created a massive shock wave in financial markets. Cryptocurrencies were also heavily affected, with over $19 billion in leveraged positions liquidated in just hours. This massive liquidation left many investors in difficult situations while painfully highlighting the market’s vulnerability due to leverage once again.

Bitcoin (BTC) experienced a sharp drop, spiking down from $122,000 levels to below $103,000.

Up to 70% Value Losses in Altcoins on October 11 Night

On the night of October 11, when the record $19 billion liquidation occurred, alongside Bitcoin’s sharp drop, altcoin markets saw massive losses of up to 70%. Particularly high-leverage altcoins with smaller market caps compared to Bitcoin melted away in this panic selling wave. For example, popular altcoins like XRP and Dogecoin (DOGE) experienced significant value losses. The total crypto market cap dropped by approximately $800 billion in just a few hours, falling from $4.3 trillion to $3.64 trillion. These sharp declines once again reminded investors of the risks of leveraged trading and the devastating impact of market shocks on altcoins.

Many Altcoins Dropped to Their Historic Lows

2025 was like a winter season for many altcoins. As a result of deep market-wide corrections and investors shifting toward Bitcoin (increasing “Bitcoin Dominance”), numerous altcoins approached or retested their all-time lows. This was particularly devastating for projects that had inflated with speculative buying during the 2021 and early 2024 bull runs.

Argentina President Scandal: LIBRA Coin and 99% Collapse

In February 2025, Argentine President Javier Milei’s social media post supporting a “meme coin” project called LIBRA caused a major scandal in the crypto market. The coin, associated with the president’s dog’s name, rapidly rose in the first hours with presidential backing, reaching a $4.5 billion market cap. However, immediately after this rapid rise, doubts about the project’s reliability and Milei’s deletion of his posts led to LIBRA’s value collapsing by nearly 99% in hours, dropping to $200 million. This event exposed the extremely speculative nature of meme coin projects and the manipulative influence of political figures, causing many investors to suffer massive losses.

Ethereum Spiking Down to $1,380

The general market correction that began after Bitcoin reached historic highs deeply affected Ethereum (ETH), the largest altcoin. During the sharp price movements in 2025, Ethereum experienced a steep drop to $1,380 levels at one point.

Having shown more resilient performance earlier in the year with less loss relative to Bitcoin, Ethereum retreated to these important psychological levels amid overall market uncertainty and selling pressure. This drop was a concrete example of how panic in the market and macroeconomic factors can impact even the strongest projects.

Fear Index Hit Its Lowest Level in the Last 3 Years

The Fear and Greed Index, which measures sentiment in crypto markets, dropped to 9 amid all these turbulences, reaching one of the lowest levels in the past three years. Values close to 0 on the index represent “Extreme Fear,” while values close to 100 represent “Extreme Greed.”

The index falling to 9 indicated that investors were in great panic and uncertainty, completely avoiding risk, with intense selling pressure dominating the market. Although this level is typically considered close to market bottoms, it was striking data revealing how worn investor psychology was and how shaken confidence in the market had become.

An Unforgettable Year in the Crypto Markets

This chain of events proved that the past year was an unforgettable and lesson-filled period for crypto markets. Excessive leverage, macroeconomic uncertainties, and sudden collapses triggered by political events forced investors to rethink the importance of risk management and market sentiment.

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Ethena Labs has proposed a plan to preserve USDe’s peg stability by repurchasing and burning approximately $95 million worth of USDe — equal to about 1.2% of its current collateral assets — whenever the secondary market price falls to $0.99 or below.

Will This Move Work?

According to the statement from Ethena Labs, the event was not a global de-peg but rather an issue isolated to Binance, caused by liquidity and oracle discrepancies. When examining other platforms during the same period, USDe maintained its stability with almost no price change.

If the strategy proposed by Ethena Labs is implemented, the repurchased USDe will be burned, meaning they will be permanently removed from circulation. This will reduce the circulating supply and create a stronger support level for maintaining price stability.

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Will the Proposal Be Approved?

The Ethena Risk Committee will evaluate this strategy under its governance framework and submit it to a management vote. If approved, buybacks will be carried out through a bidding process between Ethena and centralized exchanges. After bids are accepted, settlements will take place off-exchange, minimizing deposit collateral risks for exchanges.

How Will $USDe Be Affected?

A buyback of this scale would create strong price support for USDe, helping prevent potential de-peg events. As approximately 1.2% of the circulating supply gets removed, the overall collateral ratio of USDe would improve.

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Major Correction and On-Chain Signals of a Reset on Bitcoin and Crypto

During Friday’s market-wide sell-off, Bitcoin experienced one of its steepest corrections of the year. The price dropped from around $126,000 to $102,000, while open interest in the futures market plunged from $47 billion to $35 billion — a $12 billion decline that triggered a wave of liquidations across leveraged positions.

By the weekend, however, buyers began stepping back in, driving BTC up to roughly $115,000, marking a daily gain of more than 3%. According to CryptoQuant data, funding rates, which had turned sharply negative during the sell-off, have since rebounded to slightly positive levels — a sign that market sentiment is stabilizing and overly bearish bets are being unwound.

Leverage Flush and Market Stabilization

Bitcoin’s Estimated Leverage Ratio (ELR) has fallen to its lowest level since August, indicating that excessive leverage has been cleared from the system. This broad deleveraging could help prevent further large-scale liquidations and promote a more stable trading environment.

Meanwhile, the Stablecoin Supply Ratio (SSR) has dropped to its lowest level since April, suggesting that more stablecoin liquidity is sitting on the sidelines — capital that could potentially re-enter the market once investor confidence strengthens.

Investor Confidence and Strong Capital Inflows

Despite recent volatility, digital asset investment products attracted $3.17 billion in inflows last week, with Bitcoin leading the way at $2.67 billion. Ethereum followed with $338 million, while Solana and XRP saw $93.3 million and $61.6 million, respectively.

Trading volumes also surged, with weekly activity reaching $53 billion and Friday’s daily volume hitting a record $15.3 billion. These figures highlight that, despite short-term turbulence, investors remain confident in Bitcoin and the broader crypto market’s long-term potential.

This article does not constitute investment advice.

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Sharp October Drops Are Rare — But Often Lead to Powerful Recoveries

In a recent post on X (formerly Twitter), economist Timothy Peterson noted that Bitcoin has only fallen more than 5% in October four times in the past decade — specifically in 2017, 2018, 2019, and 2021.

During those periods, Bitcoin recovered 16% in 2017, 4% in 2018, and 21% in 2019 within just one week.
The only exception was 2021, when the crypto asset extended its decline by another 3% instead of rebounding.

“Uptober” Returns: Historically One of Bitcoin’s Strongest Months

Among crypto investors, October is often dubbed “Uptober” — a month historically known for delivering strong positive returns for Bitcoin.

According to CoinGlass data, October has been Bitcoin’s second-best performing month on average since 2013, bringing an average return of 20.10%.
November tops the list with an impressive 46.02% average gain, making the fourth quarter traditionally bullish for the market.

If History Repeats, Bitcoin Could Return to $124,000

Peterson’s remarks came after U.S. President Donald Trump announced a 100% tariff on Chinese imports, which triggered a sharp decline in Bitcoin’s price to around $102,000.

Shortly after, Bitcoin managed to recover to $112,468, following a brief dip just days after reaching a new all-time high of $125,100.

If Bitcoin mirrors its 2019 pattern, when the price surged 21% after a similar drop, the current setup could push the asset back toward $124,000 within the next week.

Optimism Remains Strong Among Bitcoin Supporters

Despite the recent pullback, many leading Bitcoin advocates remain confident that the broader uptrend will continue.
Samson Mow, founder of Jan3, posted on X:

“There are still 21 days left in Uptober.”

Similarly, Michael van de Poppe, founder of MN Trading Capital, described the current price movement as “the bottom of the current cycle.”
He compared it to the COVID-19 crash, which marked the previous cycle’s low, suggesting that history may once again be repeating itself.

Some analysts even offered a longer-term view. The pseudonymous investor The Bitcoin Libertarian commented:

“In a few years, Bitcoin will drop from $1 million to $800,000 in a few hours — and we’ll all be talking about another record liquidation event. Let history repeat.”

*This content does not contain investment advice.

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Is the Breakdown a Manipulation?

This recent dip appears to carry signs of market manipulation. If Bitcoin manages to reclaim the $116,373 level, we may see a potential climb toward $119,313. On the other hand, a failure to break through and a continued downward trend could drag the price back toward $112,500, acting as the next major support.

Key Technical Levels for Bitcoin

• Resistance: $116,373

• Support: $112,500

Bitcoin & Ethereum: Current Market Snapshot

Bitcoin (BTC):

• Price: $115,757

• 24h Change: -2.31%

• 7d Change: -2.68%

Ethereum (ETH):

• Price: $3,711.85

• 24h Change: +2.30%

• 7d Change: +2.67%

Long vs. Short Positions: A Delicate Balance

The current balance between long and short positions signals a potentially volatile period ahead. Neither bulls nor bears dominate, which often precedes sudden and sharp price movements in either direction.

Market Liquidations and Investor Sentiment

Over the past 24 hours, the crypto market has witnessed significant volatility. A total of $515 million was wiped out, with $363 million of that coming from liquidated long positions. This highlights the risks faced by leveraged traders during sudden corrections.

Galaxy Digital’s Massive BTC Transfers

Adding fuel to the recent decline was the activity of institutional player Galaxy Digital. The firm transferred over 13,000 BTC to various exchanges, with the most recent move involving 965 BTC sent to Binance. Such large-scale movements typically increase selling pressure and contribute to downward price momentum.

Altcoin Market Outlook: Waiting on Bitcoin

The altcoin market hasn’t been immune to Bitcoin’s drop. Although minor recoveries are visible, sentiment remains cautious. For a sustained altcoin rebound, Bitcoin’s trend direction must first become clear.

Investors should closely monitor key support and resistance levels — not only for Bitcoin but also for major altcoins, as their performance is often tightly correlated with Bitcoin’s price action.

This content does not constitute investment advice. Cryptocurrency markets carry high risks, and it’s important to do your own research before making any investment decisions.

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$267 Million Vanished from the Crypto Market!

A total of $267 million in positions were liquidated, with $142 million coming from long positions. This indicates that a significant number of traders betting on a price increase were forced to close their positions at a loss.

The leading cryptocurrency Bitcoin dropped by 1.52% in the last 24 hours, trading around $118,159. Ethereum, on the other hand, saw a sharper decline of 2.21%, falling to $3,664. These drops, combined with the widespread use of leverage, triggered a cascade of forced liquidations across the board.

Profit-Taking Could Be the Main Reason

Analysts suggest that the primary reason for the decline may be profit-taking. After a prolonged uptrend in the market, many investors—especially in the altcoin space—had already secured substantial gains. It’s common for corrections like this to emerge when traders begin to realize their profits.

For those holding short positions, such corrections can present short-term opportunities. However, as uncertainty rises, so does volatility, making both long and short trades increasingly risky.

What’s Next?

Corrections like these are not unusual in crypto markets. What’s notable here is that the majority of the liquidations came from long positions, suggesting that market sentiment was largely bullish—but may have shifted too quickly.

Experts emphasize that pullbacks of this kind are often part of a healthy market structure, helping to cool down overheated prices. Whether the market recovers in the coming days will largely depend on the behavior of large investors and institutional players.

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Over $814 Million in Liquidation in 24 Hours!

How about liquidation? It’s been a tough period for investors, with 174,069 traders getting liquidated. In total, more than $814 million worth of positions were wiped out, with significant losses occurring especially in leveraged trades.

What Do These Liquidations Mean?

The high number of liquidations seen in the past 24 hours is mostly due to excessive leverage in short and long positions. During major price swings, liquidations can act as a trigger, further increasing volatility. This is a time when market participants need to be extra cautious and prioritize risk management.

Ethereum Breaks Key Threshold, Surpasses $3,600

One of the most notable developments came from Ethereum (ETH). The leading altcoin reached $3,618, marking a 3.71% daily increase. This is the first time since January 7, 2025, that Ethereum has surpassed the $3,600 level. Seen as a psychological resistance level by many traders, continued upward momentum could lead ETH towards the $3,800–$4,000 range.

Bitcoin Dominance Declines

Meanwhile, Bitcoin is trading around $118,628, with a slight daily drop of -0.40%. However, the key development was in Bitcoin’s market dominance, which fell below 62% for the first time since May 14, 2025. This could signal a renewed wave of activity across the altcoin market.

This article does not constitute investment advice. Crypto markets are highly risky, and it’s essential to do your own research before making any investment decisions.

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Final Message: “Broke” Before Vanishing From X

James Wynn, notorious for his massive Bitcoin leverage plays, has deactivated his X (formerly Twitter) account. The handle “JamesWynnReal” now displays “This account doesn’t exist.” Before going offline, his final bio update was a single word: “broke.”

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His known wallets now show a total of just $10,176—down from managing over $100 million in crypto assets. Data from Arkham Intelligence and Hypurrscan confirm this dramatic loss, signaling the end of a short yet explosive chapter in crypto speculation.

From Big Bets To Bigger Losses: Bitcoin Positions Wiped Out

In May 2025, James Wynn’s $100 million long position in Bitcoin was liquidated after the price dipped below $105,000, wiping out 949 BTC. He had admitted in a since-deleted post:

“I do not follow proper risk management, nor do I claim to be a professional. If anything, I claim to be lucky. I’m effectively gambling, and I stand to lose everything.”

Despite this, Wynn opened another $100 million bet days later. He claimed his trades were being deliberately liquidated and appealed for donations, receiving funds from at least 24 addresses. He liquidated 240 BTC—worth around $25 million at the time—in an effort to reduce his remaining position’s liquidation price. But it was not enough.

A Cautionary Tale For Crypto Traders

Long-term crypto investors now cite Wynn as a cautionary example. His downfall illustrates the brutal consequences of ignoring risk and chasing short-term gains with high leverage. For many, this saga underscores the importance of patience and strategy over gambling instincts in volatile markets like Bitcoin.

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Over 276,000 Traders Liquidated

According to data from CoinGlass, a total of 276,605 traders were liquidated within a single day, pushing the total liquidation volume to more than $1.28 billion. Out of this, $654 million came from BTC shorts, and $215 million from ETH shorts. The rest was contributed by other altcoins.

These numbers reveal how many traders underestimated the market’s upside potential and got caught in a classic short squeeze.

Bitcoin Hits New ATH: $118,000

Bitcoin smashed past the $112,000 resistance level and soared to an all-time high of $118,000, triggering a massive short liquidation wave. Meanwhile, Ethereum also climbed above $3,000, following the broader bullish momentum.

For short sellers, this unexpected breakout was devastating and wiped out hundreds of millions in leveraged positions.

Crypto Market Cap Surges Past $3.69 Trillion

CoinMarketCap data shows that the total crypto market capitalization surged by 6.39% in just one day, reaching a massive $3.69 trillion. The rally injected fresh optimism across the space, prompting many traders to reassess their current exposure.

Popular analyst Miles Deutscher summed up the sentiment on X with the phrase: “Bears in disbelief.” Meanwhile, Daan Crypto Trades described the market action as a “MASSIVE short squeeze on BTC & ETH.”

What’s Next? Can the Rally Continue?

Some analysts had expected Bitcoin to lose steam as it approached its previous ATH, suggesting that bullish momentum was fading. On the other hand, crypto strategist Michael van de Poppe had predicted as early as June that a breakout to new highs was “inevitable.” That prediction proved timely, as Bitcoin shattered expectations in just over a week.

Despite the euphoria, many traders remain cautious. Should Bitcoin fail to hold above $118,000, analysts warn that the price could dip back to the $112,000 level. In that case, more than $2.1 billion in long positions could be at risk of liquidation.

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$1.1 Billion Liquidated in a Flash

The sudden drop caught investors completely off guard. According to CoinGlass, a staggering $1.1 billion in leveraged positions were liquidated in the past 24 hours. Roughly $1 billion of that came from long positions in BTC and ETH.

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Just days ago, Bitcoin had rallied to $110,265 — nearing its all-time high of $111,940 set on May 22. The sharp reversal underscores the fragility of the current crypto market environment.

Israel-Iran Conflict Sends Shockwaves Through Markets

The trigger behind the market chaos: Israel’s confirmed military action targeting Iran. News outlets Al Jazeera and Axios reported that Israel bombed multiple sites, including the capital Tehran. Prime Minister Netanyahu stated, “We are targeting Iran’s ballistic missile capabilities,” and signaled that operations would continue.

Reports suggest high-ranking Iranian military officials may have been killed and key Revolutionary Guard command centers destroyed. Iran has acknowledged the attacks and promised retaliation. The escalating tensions have spooked investors and added volatility to already shaky markets.

ETF Inflows Show Institutional Confidence

Despite the market downturn, June 12, 2025, saw net inflows of $79.5 million into spot Bitcoin ETFs and $112.3 million into spot Ethereum ETFs. This suggests that institutional investors may still be confident in BTC and ETH over the long term, regardless of short-term shocks.

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