The market crash shocked the world, with 1.65 million people getting liquidated in the crypto world within 24 hours, totaling 19.133 billion USD. Bitcoin fell 17% to below 102,000 USD, while Ethereum collapsed 22%. Trump's tariff remarks and the depeg from USD triggered a chain of liquidations, making the market crash comparable to the Black Swan Events of 312 and 519.
Three Major Triggers for the Market Crash
Waking up from a deep sleep, the market crash has made the crypto world feel like it has collapsed! This market crash was unexpected, with Bitcoin falling over 17%, Ethereum over 22%, SOL over 37%, Dogecoin over 68%, UNI over 80%, and almost all coins experiencing a maximum drop of over 50%.
Trump's Tariff Remarks: Trump threatened to impose a 100% tariff on China, causing the Nasdaq to flash crash by 2%. The October ETF season was originally looking good, but has turned murky, leaving retail investors with no choice but to wait and see. This market crash is directly related to geopolitical risks.
USDe depeg: The stablecoin USDe once fell to 0.6268 USD, and all leveraged contracts using USDe as collateral were liquidated, resulting in heavy losses for retail investors and market makers. During the market crash, the depeg of stablecoins became a catalyst for a series of liquidations.
Exchange Downtime: During the market crash, the exchange went down, unable to provide liquidity. Funds could not be withdrawn, and balances even showed as 0, stopping losses was also ineffective. The cascading effect of this market crash is the most severe Black Swan Event in recent years.
Market Crash Data Full Record
Coinglass data shows that during the market crash, the total liquidation amount across the network in the past 24 hours was 19.133 billion USD, with as many as 1.61 million people liquidated. The largest single liquidation was a long position of ETH worth 203 million USD on the Hyperliquid platform. The scale of the market crash is comparable to 312 and 519.
Market Crash Mainstream Coin Situation:
BTC: fall to 101,500 USDT
ETH: fell to 3,373 USDT (some bought at 400 dollars)
SOL: fell to 144.82 USDT (BNSOL once at 34.9 USD)
Shanzhai Coin: Multiple coins fell by more than 80% or even 90%.
Opportunities to Get Rich in the Big Dump of the Market
(Source: Arkham)
Although the market crash caused 99% of users to incur losses, 1% of people “picked up the nuts from the fire” and seized the opportunity to get rich.
Short Selling Profit: A whale starting with 0x2ea18 made a profit of 72.33 million USD by shorting BTC and ETH. During the market crash, short sellers became the biggest winners.
Buy the Dip: During a market crash, you can buy XRP for 1.25 USD, DOGE for 0.095 USD, SUI for 0.55 USD, UNI for 2 USD, and WBETH for 400 USD.
USDe depeg arbitrage: During the market crash, USDe fell to 0.6268 USD, and after the peg was restored, bottom buyers made substantial profits.
Will Bitcoin and Ethereum fall further?
BTC Technical Analysis: Daily line head and shoulders, ABC three-wave decline. If the market cannot hold the support at 102,400 USD after a big collapse, it may fluctuate for several months. Support levels are 110,000/107,211/102,400, resistance levels are 115,878/117,925/120,836.
ETH Technical Analysis: The four-hour chart shows a one-sided decline, with indicators leaning towards bearish. After a market crash, the price is oversold and may experience a short-term rebound. Support levels are 3,605/3,500/3,338, and resistance level is 4,110.
After the big market crash, history shows (like the big dump on March 12, 2020) that big dumps are the beginning of large-scale trends. After the market big dump reshuffles, which coin isn't reaching new highs? Therefore, the market big dump is not the end, but an opportunity.
Market Crash Revelation
The market crash reminds us: do not trade contracts, do not use leverage, preserving your principal is the most important. During a market crash, the risks are greatest but so are the opportunities. It is recommended to only hold USDT and USDC, as other stablecoins carry extremely high risks.
After 312 and 519, 1011 is destined to be written into cryptocurrency history. The market crash has wiped out nearly 20 billion USD, but reducing risk and preserving capital is the only way to play until the end.
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