Overview

• Roughly $19 billion in crypto positions were liquidated in 24 hours, with about 1.6 million traders affected and an estimated $16–17 billion coming from longs, according to CoinGlass.
• Bitcoin rebounded to roughly $111,000–$113,000 after intraday lows near $102,000 on some venues, and Ether recovered to the mid-$3,000s after a double‑digit drop.
• Exchanges reported strain and data limits, with Binance acknowledging heavy activity and only one liquidation order per second reported, suggesting public tallies understate true losses.
• Market participants warn of potential counterparty stress and broader contagion, with some estimates suggesting total liquidations could exceed $30 billion once all venues are counted.
• The sell-off followed President Trump’s announcement of a 100% tariff on Chinese imports and new export controls on critical software set to begin November 1, against a fragile macro backdrop that included delayed U.S. economic data.