Liquidation of 1.6 Million Traders, $20 Billion in the "1011" Epic Margin Call, Trade War Restart Bloodbath in Global Capital Markets

Little did we know, the seemingly ordinary date of October 11, 2025, would once again become a day to remember.

By the data at 8 a.m. on the 11th, the cryptocurrency industry saw over $19.1 billion in liquidations within 24 hours, with over 1.6 million people liquidated, each number setting a new record in the 10-year history of cryptocurrency futures trading.

Upon retrospect from the candlestick chart, Bitcoin actually began its downward trend around 10:00 p.m. on October 10th when it was at $117,000. However, nobody paid much attention as there were no bearish news in the market, only an unidentified whale on Hyperliquid holding $1.1 billion who opened short positions on Bitcoin and Ethereum.

Whales using leverage of hundreds of millions of dollars to trade cryptocurrency has become a common sight in this cycle. We have seen several whales go to zero, so what could this "11 billion" whale achieve?

Several hours later, around 5 a.m. on the 11th, the epic "1011" crash officially began. If you happened to be awake at that time and happened to look at Bitcoin's 1-minute chart, you would have seen Bitcoin dropping continuously at an average rate of nearly 1% per minute over a 30-minute period without any resistance. The most extreme moment occurred at 5:19 a.m. when Bitcoin plummeted over 4% in one minute, dropping nearly $5,000, ultimately reaching $102,000.

Bitcoin, a global commodity with a total market cap exceeding $2 trillion, experienced a sudden 12% overnight crash.

Finally, the culprit emerged in the news: the trade war between Trump and China had reignited. The U.S. President announced that the U.S. would impose 100% tariffs on China starting from November 1.

Although the news arrived late, altcoins were already bleeding out. Just taking a few examples of mainstream high market cap altcoins: SUI, which had been steady at $3.5 for the past few days, was pricked to $0.55 in a flash; WLD, the AI leader, went from $1.4 to $0.26 in an instant; even Dogecoin, one of the top ten by market cap, saw a 50% drop.
These are the high market cap altcoins; low market cap ones were basically reset.

Perhaps no one could have ended this night calmly, except for that $11 billion whale. Just before the crash, the whale opened a $1.1 billion short position with $30 million, took profit at the peak of this disaster, doubled their capital in less than 20 hours amidst the wailing crypto community, made a $30 million profit, and swiftly exited with $60 million in a few minutes—a precision of action so profound that we don't even know who they are.

Not only cryptocurrency, but comparing horizontally to global capital markets, every day is a black swan. The S&P 500 Index fell 182.61 points at the close on October 10, a 2.71% drop, marking the largest weekly drop since May. The Nasdaq Index plummeted 3.5%, marking the largest daily drop since April 10. Hang Seng Index futures fell 5% in overnight trading. FTSE A50 futures saw a continuous overnight drop of 4.26%, experiencing a cliff-like decline.

Only gold remained unaffected.

In hindsight, the recent surge in precious metals has been sounding the alarm for the market. The rapid rise in the value of gold, with trillions of dollars in market cap, serves as a reminder that the immense funds on Earth are seeking safe havens, yet we failed to anticipate it.

Respect the market. After such disasters, all we can do is remind everyone to respect the market. No matter how bullish the market is, not everyone can profit equally. Respect the market and always remind yourself to exercise risk control. Your principal is your capital, the foundation for surviving in the market.

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