Crypto Crash Anniversary: $19B Liquidated in One Day
The 11 October 2025 crypto market crash triggered more than $19 billion in liquidations, then a record daily total. Bitcoin (BTC), which had reached an all-time high of $126,080 four days earlier, fell 12.7% in about 30 minutes, from roughly $116,900 to $102,000.
The crypto crash also exposed sharp price differences across exchanges. On Binance, ATOM briefly traded at $0.001, while Coinbase recorded a low of $3.56. Binance-listed wBETH fell to $430, BNSOL to $34.90 and USDe to $0.65. Binance later paid affected users about $283 million in compensation.
On-chain data also showed a Hyperliquid trader opened about $400 million in BTC short positions before Donald Trump posted tariff-related news. The timing prompted speculation about possible insider trading. Arkham described the trader as a “Trump insider whale,” but Garrett Jin, linked to the address, denied any connection to Trump. The allegation remains unverified.
Neutral
This is a retrospective report about the October 2025 crash, not a new market catalyst, so its direct effect on current prices is likely limited. The event itself was bearish: more than $19 billion in liquidations and BTC’s rapid 12.7% drop point to severe leverage unwinding and fragile market liquidity. Extreme exchange price dislocations also highlight execution and collateral risks during stress. Similar liquidation cascades have often amplified short-term volatility as forced selling pushes prices through leveraged traders’ stop levels. In the longer term, exchange compensation and scrutiny of trading practices may influence confidence, risk controls and platform policies. The reported BTC short position and timing have not been verified as insider trading, so the allegation should not be treated as established evidence of market manipulation. Overall, the article is a reminder of market-structure risks rather than a clear directional signal for traders today.