CoinGlass: $150B Forced Crypto Liquidations in 2025 — October 10 Was Record Single-Day Event

Derivatives analytics firm CoinGlass reports roughly $150 billion in forced liquidations across crypto markets in 2025, averaging $400–$500 million per day. Most routine days saw liquidations in the tens-to-hundreds-of-millions range with limited medium-to-long-term price impact. A concentrated deleveraging on October 10 produced the largest single-day liquidation in recorded history: exchanges reported about $19 billion in long and short liquidations that day; CoinGlass estimates the true peak may have been $30–$40 billion after accounting for delayed exchange disclosures and market-maker data. The October 10 event was heavily long-biased (≈85–90% long liquidations), indicating crowded long leverage ahead of the crash. CoinGlass cites a near-term catalyst — then-U.S. political news (announced tariffs on Chinese goods) — that triggered a sharp risk-off move, but stresses the market’s fragile structure (high valuations and elevated leverage) made a large correction likely. Derivatives volume spiked alongside the deleveraging (one-day volume reached $748.3 billion versus a yearly average near $264.5 billion); total annual derivatives volume hit $85.70 trillion in 2025. At publication, Bitcoin was trading around $87,000–88,000. Key takeaways for traders: heightened tail-risk from concentrated leverage, pronounced susceptibility of long positions, potential underreporting of peak liquidation figures, and the importance of monitoring futures basis, open interest and leverage metrics to manage event risk.