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
$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:
Impact: The shock spread along predictable paths, with price drops in one market quickly rippling and forcing liquidations across others.
