Crypto Crash Liquidation Figures Mask Complex Reality

The recent crypto crash on October 10, 2025, resulted in massive liquidations across various platforms. Solana Research Institute reported $18 billion in liquidations over a 14-hour period, with a staggering $3.21 billion occurring in just one minute.

However, public records reveal a more nuanced picture. According to Amberdata's analysis of six exchanges, the peak liquidation figure was indeed $3.21 billion, but this occurred within a specific 40-minute window between 20:50 and 21:30 UTC.

The discrepancy highlights a crucial issue in measuring market losses. Solana Research Institute's figure includes both auto-deleveraging (ADL) events and forced liquidations, making it difficult to compare with other records that focus on specific mechanisms or platforms.

Binance, one of the affected exchanges, released a postmortem analysis explaining its internal collateral pricing amplified forced selling. The report noted that while some modules glitched and API trading was affected, spot and futures matching engines remained operational.