Crypto Crash Liquidations Expose Data Gap

A recent crypto crash on October 10, 2025, led to massive liquidations, but estimates of the total amount differ significantly. Solana Research Institute reported roughly $18 billion in liquidations over a 14-hour period, including $3.21 billion in a single minute.

However, public records and data from Amberdata contradict this figure. According to Amberdata's six-exchange analysis, the peak was indeed $3.21 billion at 21:15 UTC, but only 93.5% of that minute's liquidations came from forced selling. The total for the full 14-hour window was $9.89 billion, including $6.93 billion in the 40 minutes from 20:50 to 21:30 UTC.

The discrepancy highlights a data gap and raises questions about how to measure and compare liquidation totals. Solana Research Institute's letter provides no common venue universe or aggregation method that reconciles it with Amberdata's figures, making it difficult to determine the actual total.