Date: Sat, Oct 11, 2025 | 10:10 AM GMT
The cryptocurrency market has just experienced one of its darkest and most shocking days in history, as a wave of panic selling and forced liquidations wiped out billions in trader positions within hours.
The chaos erupted following breaking news that U.S. President Donald Trump announced a 100% tariff on all goods imported from China, reigniting fears of a global trade war. The announcement sent shockwaves through financial markets — and crypto was hit the hardest.
Bitcoin (BTC) and Ethereum (ETH) saw sharp, violent sell-offs, plunging to $104,582 and $3,460 respectively. The sudden drop triggered a cascade of liquidations across leveraged altcoin positions, causing many tokens to collapse by more than 50% within a single minute — a stark reminder of how fragile the market can be when panic sets in.
$19B Crypto Liquidation
According to live data from Coinglass , the total 24-hour liquidation volume surged to a record-breaking $19 billion, marking the largest single-day liquidation event in crypto history.
Out of the total, approximately $16.85 billion came from long positions, as overleveraged traders were wiped out during the rapid sell-off. Short positions, meanwhile, accounted for just $2.51 billion, showing how severely bullish traders were caught off guard by the unexpected market collapse.

Traders Facing Massive Losses
The human impact of this crash is equally staggering. According to Lookonchain , at least four major traders on the Hyperliquid suffered catastrophic losses, each losing over $10 million in a matter of hours.
- 0x1a67 lost $18.73 million – account completely wiped out
- 0x1d52 lost $16.43 million, with only $140 remaining
- 0x0a07 lost $15.69 million, leaving just $104 in the account
- 0xb2ca lost $13.72 million – total liquidation

These traders, like many others, were caught holding heavily leveraged long positions, leaving no room for error when Bitcoin and Ethereum began to free-fall.
The sudden liquidation wave wiped out months — or even years — of accumulated profits in a single trading session, underscoring the high-risk nature of leverage in the volatile crypto market.
The Aftermath
At the time of writing, Bitcoin has recovered slightly to $111,700, while Ethereum trades near $3,836, suggesting some stabilization after the intense volatility.
However, market sentiment remains deeply fearful. Analysts caution that even though a short-term rebound is possible, the psychological damage and liquidity loss from this historic event could take weeks or months to heal.