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On Friday, October 10, 2025, crypto markets experienced their largest-ever liquidation event, with over $19–20B in leveraged positions wiped out. [NEWS]

That’s 12× the size of FTX’s collapse and 20× the COVID-19 crash. The twist: Binance halted trading and mispriced stablecoins while unregulated DeFi protocols processed billions without a hiccup

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What Happened

$19-20B in total liquidations occurred within 24 hours, affecting over 1.6M traders, triggered by President Donald Trump’s announcement of escalated tariffs against China. Here’s the breakdown:

  • Total liquidations: $19.1-20B across all platforms

  • Long positions liquidated: $16.7-16.8B

  • Traders affected: 1.6M+

  • Single-hour liquidations: $7B (within one hour of Trump’s announcement)

  • Open interest destroyed: $65B wiped out (resetting market to July 2025 levels)

Platform-specific numbers

  • Hyperliquid: $10.3B in liquidations

  • Individual asset liquidations: Bitcoin $5.34B, Ethereum $4.39B, Solana $2B