Solana Research Institute Rekindles Debate Over Record-Breaking Crypto Crash

The Solana Research Institute has reignited debate over the massive crypto crash on October 10, 2025, which saw an estimated $18 billion in liquidations. In a recent post, they defended their initial findings of a peak $3.21 billion in liquidations within a single minute. However, other analyses, including one from Amberdata, put this figure at around $9.89 billion for the entire 14-hour window.

An ESMA review cited market estimates of about $19 billion in automated derivatives liquidations for the entire day. This discrepancy highlights a measurement gap between different scopes, not necessarily a calculation error. Different platforms also experienced varying stress mechanisms during this time.

Binance reported that some modules failed after 21:18 UTC, and there were delays in internal transfers and Earn redemptions. Meanwhile, ESMA stated that Binance's use of internal collateral prices amplified forced liquidations. In the on-chain environment, a study suggested an auto-deleveraging event on Hyperliquid of about $2.10 billion in 34,983 executions over approximately 12 minutes.