One year ago today, on October 10, 2025, crypto had its biggest liquidation event on record. More than $19 billion in leveraged positions were wiped out in about 24 hours. Over 1.6 million trading accounts were liquidated. Most of the damage came from longs, traders betting on higher prices. The trigger was a tariff headline. President Trump announced 100% tariffs on Chinese imports. Markets sold off fast, order books thinned out, and forced liquidations cascaded across exchanges. Bitcoin dropped into the low $106,000s. Ether fell to around $3,550. Solana hit about $174. Many altcoins were hit harder, and Ethena’s USDe briefly depegged to about $0.65 on Binance, which triggered more liquidations. Open interest in perpetual futures collapsed. Some reports put the contraction at about 43%, from roughly $217 billion to $123 billion in a day. Hyperliquid and Bybit accounted for a large share of the reported liquidations. In short: leverage was crowded, a macro shock hit, liquidity vanished, and the system forced traders out. That is why it is still called the largest single-day liquidation event in crypto history. #crypto #bitcoin