Overview

• Data trackers reported roughly $19 billion in forced liquidations within 24 hours, affecting about 1.6 million traders, after the 100% China tariff and new export controls were announced for Nov. 1.
• Approximately $16.7 billion of the wiped-out positions were leveraged longs, marking the largest single-day dollar-value liquidation event on record for crypto.
• Bitcoin briefly fell below $110,000 before rebounding to around $112,000–$113,000, while ether recovered near $3,800 after deeper intraday declines.
• Binance and Coinbase reported strain and temporary outages during the sell-off, with services later restored, and Ethena’s USDe briefly printed below $1 before stabilizing with redemptions operating normally.
• CoinGlass cautioned the true liquidation total may be higher due to exchange reporting lags, and analysts warned of potential contagion as markets brace for further volatility into the tariff effective date.