$19 Billion in Crypto Positions Wiped Out in Single Day

The crypto derivatives market saw its largest forced sell-off on record when $19 billion in positions were liquidated from over 1.6 million traders on October 10, 2025.

The event was triggered by President Trump's announcement of a 100% tariff on Chinese imports, which led to a sharp decline in equities and commodities, including crypto.

As the price moved against leveraged positions, exchanges were forced to auto-deleverage, selling off profitable traders' positions to balance the books.

The aftermath saw a 43% collapse in total perpetual futures open interest across major exchanges, from $217 billion to $123 billion, and Hyperliquid's open interest fell 57%, from $14 billion to $6 billion.