Anatomy of the day the crypto market died🚨 October 10, 2025 In less than 12 hours, the market saw around $19.1B in liquidations On October 10, 2025 at 14:57 UTC, Trump announced 100% tariffs on Chinese imports Before the crash, the market was already loaded Funding rates were near 40% annualized, (big signal that too many traders were long with leverage and paying a premium to stay in the trade) Liquidity was also thin. Orderbook depth collapsed by about 98% during the worst moments The liquidation cascade At 21:15 UTC, liquidations hit a peak where about $3.21B got liquidated in 60 seconds. In total, around 1.62M traders got liquidated. The exchanges This is where things got uglier. Binance had issues during the peak stress: platform lag, API delays, stop losses failing, and withdrawals blocked for around 100 minutes. Then the worst part, an oracle pricing error inside Binance triggered depegs during the crash window. USDe was briefly priced around $0.65 inside Binance systems even while it stayed close to $1 on Curve That misprice forced liquidations across futures, margin, and loans (Binance later moved to external oracle references and compensated impacted users for that window) Hyperliquid saw massive liquidations too It also triggered its first ADL in more than two years, But one trader made people scream insider A whale opened enormous BTC and ETH shorts on Hyperliquid about 30 hours before the Trump tariff announcement. The position grew into $1.1B in shorts. At 20:49 UTC, the whale added about 200 BTC to the short just one minute before the Trump post. After the crash, that whale closed most of the position quickly an estimated $150M to $200M in profit, What looks clear: - Trump’s tariff post was a macro shock. - Leverage was extreme - The market structure was fragile. - Binance had a serious pricing and reliability failure during the worst part. The market never recovered at all But the question that never went away was simple. Did one trader know what was coming?