Unexpectedly, the ordinary October 11, 2025, became a day that went down in history.
According to data at 8 a.m. on the 11th, the cryptocurrency industry suffered a 24-hour liquidation of over 19.1 billion US dollars, and over 1.6 million people were liquidated. Each number set a record in the 10-year history of cryptocurrency contract trading.
Looking back at the K-line, Bitcoin actually started its downward trend at $117,000 at 10:00 pm on October 10th, but no one cared. There was no bad news. Only a whale with no name on Hyperliquid took $1.1 billion and opened a short position in Bitcoin and Ethereum.
It is not uncommon for whale to use hundreds of millions of US dollars to leverage and speculate in cryptocurrencies in this cycle. We have seen many whale whose assets have gone to zero, so what can this "1.1 billion" do?
A few hours later, around 5 a.m. on the 11th, the epic "1011" crash officially began. If you happened to be open at that time and happened to open Bitcoin's 1-minute K-line, you would see that Bitcoin fell continuously without resistance at an average rate of nearly 1% per minute for 30 minutes. The most extreme market situation occurred at 5:19, when Bitcoin plummeted by more than 4% in that minute, a drop of nearly US$5,000, and finally hit US$102,000.
Bitcoin, a global commodity with a total market value of over 2 trillion US dollars, plummeted 12% overnight.
The news finally revealed the culprit, and Trump's trade war with China has restarted. The US President announced that the United States will impose a 100% tariff on China from November 1st.
It doesn't matter how late the news is; Altcoin are already in a bloodbath. Just to cite a few major altcoins: SUI, which had been trading at $3.50 a few days ago, has plummeted to $0.55; WLD, the leading AI coin, has plummeted from $1.40 to $0.26; even Dogecoin, a top-ten coin by market cap, has seen a 50% drop.
This is still a copycat with large market capitalization, and the small market capitalization is basically zero.
Perhaps no one could end this night peacefully, except for the $1.1 billion whale. He used $30 million to open a short order of $1.1 billion before the crash, and took profit at the climax of the disaster. In the wailing crypto, he doubled his principal in less than 20 hours, made a profit of $30 million, and quickly left the market with $60 million in a few minutes. Such precise operation, we don’t even know who he is.
In fact, it's not just cryptocurrencies; compared horizontally, global capital markets have experienced a black swan day. The S&P 500 closed down 182.61 points, or 2.71%, on October 10th, marking its largest weekly drop since May. The Nasdaq plummeted 3.5%, its largest single-day drop since April 10th. Hang Seng Index futures closed down 5% in the evening session. FTSE A50 futures closed down 4.26% in the evening session, both representing precipitous declines.
Only gold did not fall.
In hindsight, the recent popularity of precious metals is actually a wake-up call to the market. The fact that gold, with a market value of tens of trillions of US dollars, can continue to rise in a short period of time is reminding us that the world's super-large funds are seeking safety. Unfortunately, we did not predict it.
Awe of the market. After such a disaster, we can only remind everyone to fear the market. No matter how big the bull market is, not everyone can return with a full load. Awe of the market and always remind yourself to control risks. Principal is capital and the foundation for survival in the market.
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