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What to know:
- Over $19 billion in leveraged crypto positions were liquidated within 24 hours; the largest single-day event on record.
- Bitcoin (BTC) fell to $106,560, while Ether (ETH) and Solana (SOL) dropped to $3,551 and $174, respectively.
- Average token declines across CoinDesk Data’s universe reached ~47%, surpassing the May 2021 crash (~41%).
- Perpetual futures open interest contracted 43% to $123 billion, led by a 57% drop on Hyperliquid.
- Stablecoin USDe depegged to $0.65 on Binance, triggering secondary liquidations across LSDs, alt-L1s, and derivatives.
- SNX outperformed on event-driven momentum, while PUMP and DRIFT fell 13% and 12%, respectively.
- Liquidity remains thin and fragmented, with capital still cautious and rotational flows yet to establish new market leadership.
What Actually Happened
On October 10, the digital asset market faced its largest liquidation event in history. According to Coinglass data, more than $19 billion in leveraged positions were wiped out within 24 hours.
Bitcoin dropped to $106,560 based on CoinDesk’s Reference Rates (CADLI), while Ether and Solana fell to $3,551 and $174, respectively. Several altcoins plunged by more than 75% within minutes.
STORY CONTINUES BELOW
Across CoinDesk Data’s universe of tracked tokens, the average decline was ~47%, surpassing the May 2021 drawdown of roughly 41%.
Smaller-cap assets experienced deeper intraday drawdowns, with Top 100 tokens down -58% on average.
Total perpetual futures open interest across major exchanges dropped 43%, falling from $217 billion on October 10 to $123 billion on October 11. The largest contraction came from Hyperliquid, where open interest fell 57% - from $14 billion to $6 billion, as leveraged positions were forcefully unwound.
Source: CoinDesk Data
The Chain Reaction
The initial trigger came from President Trump’s announcement of a 100% tariff on Chinese imports, reigniting global trade tensions. Equities and commodities sold off sharply, prompting cross-asset deleveraging.
Crypto, sitting near record-high open interest and crowded long positioning, became the perfect pressure point. The macro shift set off a systemic margin unwind across spot and derivatives markets, causing cascading stop-losses, order book gaps and exchange latency.
On Binance, stablecoin USDe fell to $0.65, acting as a secondary trigger that forced liquidations across LSDs, alt-L1s, and derivatives. In total, more than $19 billion in positions were wiped out - erasing months of speculative build-up.
Source: CoinDesk Data
Structural Fragilities Exposed
The crash underscored how tightly coupled liquidity, collateral and oracle systems have become.
Exchange-specific pricing oracles and shared-collateral mechanisms acted as accelerants, transforming what began as a macro-driven sell-off into a structural stress test for centralised exchanges.
Price feedback loops magnified losses, and thin market depth amplified volatility. The episode highlights how even well-capitalised platforms remain vulnerable when systemic liquidity evaporates simultaneously.
As market makers withdrew bids, visible depth on major assets (FDV >$5B) evaporated - shown below through intraday order book depth.
Source: Coinwatch
Aftermath - What Bounced, What Didn’t
The post-crash phase saw the market form a tentative bottom, followed by a brief rebound to $116,000. However, the recovery was short-lived, with BTC slipping below $105,000 earlier today.
Outperformance during this period has been sporadic. Synthetix gained on event-driven momentum following the protocol’s announcement of a trading competition, while the broader altcoin market struggled.
Overall, until BTC shows a sustained recovery, it remains unclear where capital rotation within altcoins will take shape. Market activity continues to reflect caution, with fragmented positioning and limited conviction.
Source: CoinDesk Data
Market Outlook
The market continues to reflect the aftereffects of last week’s liquidation event, with weaker sentiment across BTC and altcoins. Until a new macro or thematic catalyst emerges, capital is likely to remain on the sidelines or circulate through short-lived trades.
