Crypto-liquidations continued their routine early in the morning Asia hours after the wider crypto market continued its leaps hours after US President Donald Trump threatened 100% tariff rates on Chinese imports via a truth Social Post that triggered a global risk-off wave and wiped out more than $ 16 billion in long positions at noon.
The trader fear that a cooling trading war was hinting at, sent a macrostok ripping through crypto, triggering one of the biggest long falls in the prices of BTC, ETH and other digital assets seen throughout the year.
Bitcoin came to $ 113,294 and ether for $ 3,844 when Coindesk 20 index slipped 12.1%. The world’s largest cryptocurrency had fallen below $ 110,000 cards, marking a 10% decrease over the last 24 hours.
Crypto’s total market capital dropped to $ 3.87 trillion, and approx. $ 16.7 billion of the $ 19.1 billion in liquidations came from Longs, while Ethena’s short printed printed $ 0.9996, a mild deviation highlighting PEG stress when derivatives market whip saw.
Friday’s crash saw Crypto’s worst liquidation in terms of pure volume, then over 10 times as much dollar value liquidated as a crash when FTX collapsed in 2022 or when the global markets melted down under the early covid lock. At a percentage level, Friday’s crash is much less marked considering how much the total crypto market has grown since 2022.
Covid Crash: 1.2 billion dollars in liquidation
FTX -crash: 1.6 billion dollars in liquidation
Today: $ 19.16 billion in liquidations
This is the biggest liquidation event in Crypto History and almost 20 times greater than the Covid crash in March 2020. pic.twitter.com/AVCSRK3L53
– Ash Crypto (@ashcryptoreal) October 11, 2025
Coinglass said in a post of X that although the recorded $ 19.13 billion in liquidations, “the actual total is probably much higher,” and notes that Crypto Exchange Binance – the largest in the world – does not report as fast as other platforms.
The ethena team said that USDE -MINTH and REEDERS remained fully operational despite the volatility and pointed out that stableecoin is even more over -collateralized as unrealized gains from short positions are realized.
Adding to dealers’ concerns, the US government’s shutdown has delayed the most important economic data releases, leaving the markets to navigate without official indicators, just as the trade war rhetoric returns to the middle scene.
Update (October 11, 2025, 04:00 UTC): Adds context to the importance of Friday’s liquidation.
Update (11 October 04:20 UTC): Adds Coinglass -Note.
