Overview

• Liquidations reached as much as about $19.1 billion over 24 hours with more than 1.6 million traders affected, though totals differ by tracker and reporting cadence.
• Bitcoin fell to roughly $102,000 on some venues before recovering near $113,000, while Ether dropped below $3,500 and later traded around $3,800 to $3,900.
• The selloff followed the president’s Truth Social announcement of a 100% tariff on Chinese imports tied to Beijing’s rare earth export controls, alongside new U.S. software export restrictions slated for November 1.
• Centralized exchange auto-liquidations magnified the slide as platforms faced strain, with Binance and Bybit reporting technical issues and the bulk of liquidations occurring on major CEXs.
• Stress extended into derivatives and stablecoins, with Ethena’s USDe briefly printing $0.9996, and the day’s largest reported single liquidation closing a $203 million ETH position on Hyperliquid.