What began as a promising week for bitcoin ( BTC)—after it twice set new highs—ended in dramatic fashion as the cryptocurrency briefly plunged well below $110,000. Bitstamp data recorded BTC’s lowest point at $109,683 on Oct. 10, while Coingecko reported a drop to $105,896. Other sources even suggested a brief dip to $101,516 before a swift recovery.
The sudden downturn triggered widespread liquidations. In the 24 hours ending Oct. 11 at 1:13 a.m. EST, more than 1.6 million traders with leveraged positions had been liquidated. In the same period, total liquidations reached $19.31 billion, marking one of the largest single-day wipeouts in crypto history.
As expected, long positions accounted for the bulk of the losses, totaling $16.81 billion. Bitcoin and ethereum led the liquidation volume with $5.36 billion and $4.42 billion, respectively. Other significant liquidations included Solana ($2 billion), HYPE ($890 million), and XRP ($707.5 million).
According to Coinglass’s liquidation heatmap, Hyperliquid saw the largest platform-specific liquidations at $10.3 billion. Bybit followed with $4.65 billion, Binance with $2.4 billion, and OKX with $1.2 billion.
While many attributed the market chaos to President Donald Trump’s threat to impose tariffs on China, the scale of the liquidations sparked allegations of market manipulation. BitMEX founder Arthur Hayes added fuel to the narrative, suggesting that auto-liquidation of collateral tied to cross-margined positions by a major centralized exchange may have triggered the collapse in altcoins.
“Word on the street is that big CEX’s auto liquidation of collateral tied to cross margined positions is why lots of alts got smoked on the move down. Congrats to all you stink bidders. We won’t be seeing those levels any time soon on many high quality alts,” Hayes wrote on X.
Elsewhere on X, several analysts echoed claims that large players orchestrated what is now being called the worst crypto market carnage since the COVID crash, the LUNA implosion, or the FTX collapse.
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