The world of cryptocurrency has witnessed substantial fluctuations, captivating investors and analysts alike. Recent data from CoinGlass highlights the extent of liquidations that have swept through the Bitcoin and broader crypto markets in recent times. The significant crash on October 10 stands out as a landmark moment, marking the highest volume of liquidations recorded to date.
Liquidation Figures in the Cryptocurrency Landscape for 2025
A recent report by CoinGlass disclosed that forced liquidations across both long and short positions totaled approximately $150 billion. This leads to a daily average liquidation figure between $400 and $500 million. The report noted that most trading days involved liquidations ranging from tens to hundreds of millions, thereby limiting their impact on Bitcoin prices and the overall market structure over the medium and long term.
Nevertheless, CoinGlass pointed out that systemic stress peaked during a few specific events, with the October 10 crash being particularly pronounced. On this day, the total liquidation volume skyrocketed, with both short and long positions exceeding $19 billion.
This unprecedented event marked the largest liquidation day in crypto history, surpassing previous records significantly. CoinGlass indicated that the true extent of the October 10 liqudation could potentially reach between $30 to $40 billion, based on feedback from market experts and the timing of disclosures. This figure vastly eclipsed the second-largest liquidation event from April 18, 2021, which primarily involved long positions comprising around 90% of the total liquidations in the market.
Unpacking the Causes of the October 10 Market Crash
From a broader viewpoint, CoinGlass noted that a significant catalyst for the October 10 downturn was a stark announcement regarding tariffs by Donald Trump, which imposed 100% tariffs on goods from China. This announcement stirred fears of renewed trade tensions, prompting traders to adopt a more cautious, “risk-off” posture.
Beyond this announcement, it was observed that long leverage utilization had surged in the derivatives market, creating a precarious environment marked by inflated valuations plus high leverage. This atmosphere led CoinGlass to conclude that the tariffs served as a mere catalyst for a market that was already on shaky ground.
As of now, Bitcoin is trading around the $87,400 mark, reflecting a decline of nearly 2% within the past 24 hours according to CoinMarketCap data.
