On October 11th, Beijing time, the cryptocurrency market experienced an unprecedented bloodbath. Bitcoin price Plummeting straight from $122,000 to a low of $101,516, with a maximum daily fall of up to 17%.
Ethereum was similarly brutal, not only losing the $4000 integer mark but also once dropping to a low of $3468, with an intraday drop of over 20%.
01 Record-breaking Get Liquidated Data
This big dump directly led to the largest Get Liquidated record in cryptocurrency history.
According to Coinglass data, the total amount of Get Liquidated in the global cryptocurrency market in the past 24 hours reached 19.141 billion USD, far exceeding the previous historical peak.
This figure is also confirmed in the reports from Gate Square, where the total amount of Get Liquidated across the network in the past 24 hours has surged from an earlier $13.132 billion to $19.141 billion, setting a new historical record.
Get Liquidated involves a total of 1.6213 million investors, with long positions getting liquidated at 16.686 billion USD, while short positions are only liquidated at 2.455 billion USD, with long position liquidations accounting for as much as 87.2%.
02 One Hour of Shock
The most severe fall in the market occurred from the evening of October 10 to the early morning of the 11th.
In just the past hour, the total liquidation amount across the network reached $441 million, of which long positions accounted for $429 million and short positions were only $11.8575 million.
This liquidation structure clearly shows the severity of the market’s panic selling.
The largest single liquidation occurred on the Hyperliquid platform’s ETH-USDT contract trading pair, amounting to a staggering 203 million US dollars, also setting a historical record.
03 Major coins completely collapse
It’s not just Bitcoin and Ethereum; the entire cryptocurrency market has fallen into a panic sell-off.
Mainstream altcoins like SOL coin and Dogecoin have all fallen by over 20%, with some small-cap cryptocurrencies even dropping by 95%, almost going to zero.
As of October 11, 03:30 Beijing time, the Bitcoin price briefly rebounded to $115,990.79, but the 24-hour fall still reached 4.12%; Ethereum is reported at $3,872, with a decline of more than 11%.
The total market capitalization of the entire cryptocurrency market evaporated by more than $600 billion in a short time, equivalent to the market value of a large technology company disappearing overnight.
04 Who is the culprit behind the big dump?
Analysts point out that the United States’ abuse of tariffs is the main reason for this big dump in cryptocurrency.
U.S. President Trump announced that tariffs on Chinese export goods will be raised to 100%, and export controls will be implemented as a retaliatory measure against China’s restrictions on rare earth exports.
This policy has impacted the global financial markets, with the S&P 500 index falling over 2%, and the cryptocurrency market experiencing severe fluctuations.
At the same time, the U.S. federal government has entered its tenth day of "shutdown," and the federal government has begun layoffs, further undermining market confidence.
The cautious remarks from Federal Reserve officials have also heightened market concerns.
St. Louis Fed President Musalem pointed out that about 10% of the current inflation is due to tariff impacts, and this factor is expected to gradually dissipate in the second half of next year.
05 Market Future Outlook
After the big dump, the market entered the recovery phase following a deep fall.
From a technical analysis perspective, the four-hour chart shows that the Bollinger Bands are opening downwards, the MACD indicator shows that bears are continuously gaining strength, but the KDJ indicator has reached the bottom zero value area, suggesting a possible technical rebound.
Some analysts suggest that if Bitcoin can effectively stop falling at the support level of $117,500, there is still room for upward movement, and operations can rely on support for low long positions.
However, market volatility remains high, and Gate has announced that it will delist NEIROETH and 7 other perpetual contract trading markets on October 11, reminding holders to close their positions in advance.
06 Where Should Investors Go From Here
For ordinary investors, this historic Get Liquidated once again reveals the high-risk nature of cryptocurrency contract trading.
Diversifying investments, setting strict stop-losses, and avoiding high leverage have become the most important lessons to remember at this moment.
Market panic spreads, but extreme conditions also give rise to new opportunities. Experienced investors often look for undervalued quality assets during market panic to prepare for the next round of market conditions.
Future Outlook
The market’s panic sentiment continues to spread, and a comment on Gate Square saying "the bulls are in a bloodbath" reflects the helplessness of countless leveraged traders.
On the other hand, some analysts are trying to find hope amid the wailing, pointing out that "the KDJ indicator has reached the bottom zero value area, and there is still upward space after a golden cross forms."
The cryptocurrency market has never stopped its big rises and falls, but each historic big dump has become the most profound lesson on the path of growth for investors.
