Market Spotlight: The $19 Billion Liquidation That Shook Crypto A historic $19 billion in leveraged positions vanished within 24 hours, exposing how macro shocks, leverage, and thin liquidity combined to trigger crypto’s largest-ever liquidation event.
Aktualisiert 15. Okt. 2025, 1:24 p.m. Veröffentlicht 15. Okt. 2025, 1:05 p.m.
What to know: Over $19 billion in leveraged crypto positions were liquidated within 24 hours — the largest single-day event on record. Bitcoin dropped to $106,560, while ETH and SOL fell to $3,551 and $174 respectively. Average token decline across CoinDesk Data’s universe was ~47%, exceeding the May 2021 crash (~41%). Perpetual futures open interest collapsed 43% to $123 billion; Hyperliquid saw the steepest drop at -57%. Stablecoin USDe depegged to $0.65 on Binance, triggering further liquidations across LSDs, alt-L1s and derivatives. AI and DeFi tokens such as MNT, TAO, AI16Z, SNX and MORPHO led the rebound, while ENA and XPL lagged. Liquidity remains thin and clustered — capital continues rotating within the same trades as before the crash.
