The biggest black swan in the history of the crypto world, without exception.

On October 11, 2025, the largest black swan in the history of the crypto world was born. From today, the crypto world has an additional commemorative day: 10·11. This is the largest series of liquidations in the history of the crypto world! There is no exception. The number of liquidated individuals exceeded 1.64 million, and the liquidation amount exceeded 19.2 billion US dollars.

“9·4 Incident”, FTX Bankruptcy, Luna Incident, 3.12 Incident, 8·05 Tragedy, 5·19, etc., these are no longer ranked.

After the pin pullback in mainstream coins:

Only BTC and ETH have single-digit declines, but the largest decline has exceeded 15% in 24 hours.

The price of BTC dropped from 122,000 USD to a low of 102,000 USD, with a maximum decline of over 16%; the price of ETH fell from 4,340 USD to a low of 3,400 USD, with a maximum decline of over 22%; mainstream coins like Solana (SOL) and XRP saw declines approaching 30%. It has become normal for altcoins to experience declines exceeding 90%.

Almost everyone who traded with leverage or contracts has liquidated, 98%.

In the fastest hour, the total liquidation amount on global exchanges surged to 9 billion US dollars,

The trigger for this epic disaster turned out to be: Trump's “tariff nuclear bomb”.

Everything started on October 10th, in the afternoon Eastern Time, when Trump made a sudden statement at the White House: imposing a 100% tariff on all imported goods from China and adding new export control measures, aimed at “completely reshaping the global supply chain.”

This is not empty talk - in his first week in office, Trump has fulfilled his campaign promise, and the trade war has escalated into a “full-scale confrontation.”

Market collapses in an instant: Nasdaq futures down 3.5%, global supply chain stocks plummet; crypto, as a “risk asset”, takes the brunt.

Why is crypto so fragile? The rampant use of leveraged trading is the culprit.

In the 2025 bull market, the leverage rates on platforms like Binance and Bybit soared to 125x, with retail investors and institutions flocking to go long, ignoring macro risks.

As soon as Trump's tweet was released, algorithmic trading machines began high-frequency sell-offs, triggering a domino effect: price flash crash → stop-loss triggered → forced liquidation → liquidity exhaustion.

Someone said: “I suffered heavy losses, this is the last thing I wanted to see.”

Some people are in despair and say: “The BNB bulls have been completely defeated, all my life savings are gone, I want to end it all.”

In just 15 minutes, the market evaporated $20 billion; this is not an “accident,” but a textbook definition of a black swan: low probability, high impact, and only appears “inevitable” in hindsight.

This is not just a decline in the crypto world; the US stock market is also suffering.

The months of calm on Wall Street were shattered after President Donald Trump threatened to significantly raise tariffs on China, causing a plunge in the U.S. stock market.

The S&P 500 index fell 2.7%, marking its worst day since April. The Dow Jones Industrial Average dropped 878 points, a decline of 1.9%, while the Nasdaq Composite fell by 3.6%. The FTSE A50 futures closed down 4.26% in the overnight session.

According to media reports, Trump threatened on Friday to significantly raise tariffs in response to stricter export control measures on rare earth minerals implemented by other countries, stating that he would raise tariffs substantially, causing investors to worry that trade relations between major powers will continue to deteriorate.

Trump stated on his social media platform Truth Social: “As President of the United States, I will be forced to take financial measures to counter their actions.”

One of the policy options we are calculating is to significantly increase tariffs on products entering the United States. There are also many countermeasures that are seriously being considered.

Why is this the largest liquidation in the history of the crypto world, bar none?

First, in the past 5 years, today is the day with the largest net outflow of BTC contracts. The liquidation is also the largest.

Second, the clearing data from the past 5 years shows that today has the largest number of people.

October 11, 2025, Settlement Data

Leading events: Trump tariff incident; the number of liquidations exceeds 1.64 million; the liquidation amount exceeds 19.2 billion US dollars.

Clearing Data on February 3, 2025

Leading event: Trump's tariff threats.

On this night, brothers of the crypto world, please drag Trump out and whip his corpse!

After the black swan, will there be a phoenix rebirth?

“The largest liquidation in history, the exchanges all collapsed!” Yes, but remember: the crypto world never sleeps. A black swan flies by, leaving behind a stronger on-chain ecosystem.

Perhaps this time the latecomer is right: in the crypto world, it's not about who runs faster, but about who lives longer!

In the current market situation, you should believe and foresee!

Although black swans are cruel, they give birth to opportunities.

Historical trend: 1-3 months after an event, the market rebounds by more than 30%. BTC has rebounded from 110K to 112K, and institutions like BlackRock are quietly bottom-fishing ETFs.

My operation and opinion are:

Although this decline is not the largest, the leveraged liquidations are at a historical high! Do not rush to buy the dip for now; patiently wait for the situation to become clearer, as this decline far exceeds expectations.