The epic liquidation of 1.6 million people and $20 billion in "1011" has restarted the global capital market in the trade war

Unexpectedly, October 11, 2025, which was unremarkable, became another day that went down in history.

data at 8 a.m. on the 11th, the cryptocurrency industry liquidated more than $19.1 billion in 24 hours, and more than 1.6 million people liquidated their positions, each of which set a record for the highest in the history of cryptocurrency contract trading in 10 years.

Looking back from the K-line, Bitcoin actually started a downward trend at $117,000 at 10:10 pm on October 10, but no one would care, there was no bad news on the news, only a whale without any name on Hyperliquid, holding $1.1 billion, opened short orders for Bitcoin and Ethereum.

The whales use hundreds of millions of dollars to leverage and speculate on the currency, this cycle is not surprising, we have seen several whales that have returned to zero, what can this "1.1 billion" do?

A few hours later, at about 5 a.m. on the 11th, the epic "1011" crash officially began, if you happened to open your eyes at that time, and you happened to open Bitcoin's 1-minute candlestick, you will see Bitcoin fall continuously without resistance at an average decline of nearly 1% per minute for 30 minutes, the most extreme market occurred at 5:19, Bitcoin plummeted by more than 4% in that minute, falling nearly $5,000, and finally inserted the pin $102,000.

Bitcoin, a global commodity with a total market capitalization of more than $2 trillion, plummeted 12% overnight.

news finally came that the culprit had resumed Trump's trade war with China, with the U.S. president announcing that the U.S. would impose 100% tariffs on China starting November 1.

It doesn't matter how late the news explodes, the altcoin is already bleeding. Just take a few mainstream large-cap altcoins as examples: SUI, which was $3.5 a few days ago, and a needle pricked to $0.55; WLD, the AI faucet went from $1.4 to $0.26; Even Dogecoin, the top 10 by market capitalization, is down 50%.
This is still a large-cap copycat, and the small market value is basically zero.

maybe no one can end the night peacefully, except for the $1.1 billion whale, who opened a short order of $1.1 billion with $30 million before the crash, took profits at the peak of this disaster, doubled his principal in less than 20 hours in the wailing currency circle, made a profit of $30 million, and quickly left the market with $60 million in a few minutes, With such a precise operation, we don't even know who he is.

is not only cryptocurrencies, but also the global capital market, which is a day of black swan. The S&P 500 closed down 182.61 points, or 2.71%, on October 10, marking its biggest weekly decline since May. The Nasdaq fell 3.5%, its biggest one-day drop since April 10. Hang Seng Index futures closed down 5% in overnight trading. The FTSE A50 index closed down 4.26% in consecutive overnight trading, all of which fell off a cliff.

Only gold has not fallen.

hindsight, the popularity of precious metals during this period is actually a wake-up call for the market, and the market value of tens of trillions of dollars of gold can continue to rise in a short period of time, which has reminded us that the super large funds on the earth are hedging, but unfortunately we have not predicted.

Fear the market, after such a disaster, can only remind everyone to be in awe of the market, no matter how big the bull market is, not everyone can return with a full load, revere the market, and always remind yourself to have risk control. Principal is capital, and it is the foundation to survive in the market.