$19B Crypto Liquidation Crash: Could October 2025 Repeat?

Key Insights: The $19 billion crypto liquidation event marked its first anniversary on Oct. 10. Trump’s China tariff announcement triggered selling after crypto open interest had reached $235.9 billion. Another liquidation cascade would require heavy leverage, weak liquidity, and a sharp catalyst rather than the anniversary alone. The record crypto liquidation shock of Oct. 10, 2025, marked its first anniversary on Saturday. More than $19 billion in leveraged positions were reported liquidated as Bitcoin and altcoins fell sharply within hours. The event followed President Donald Trump’s announcement of additional tariffs on Chinese imports.