Global digital asset markets are regaining stability following the largest liquidation event in crypto history, signaling a transition toward a more structurally mature ecosystem. The 21Shares Research Team noted that while the sharp selloff underscored flaws in centralized exchange mechanisms, it simultaneously showcased the robustness of decentralized infrastructure and the resilience of long-term holders.

“In our view, this wasn’t the end of the cycle, it was a recalibration. One that flushed speculative froth, tested infrastructure, and reminded us of crypto’s ongoing growing pains,” the 21Shares Research Team stated, adding:

But with no spot-driven panic, renewed buying pressure, and institutional tailwinds still intact, this correction may prove to be the fuel for the next leg up.

The group’s assessment followed Binance’s Oct. 13 announcement confirming over $2.4 billion in liquidations tied to President Donald Trump’s Oct. 11 declaration of 100% tariffs on Chinese imports. The timing of the announcement—after global markets had closed—magnified volatility as liquidity dried up. Binance’s use of internal spot pricing for assets such as USDe, WBETH, and BNSOL contributed to steep depegs and margin calls, while decentralized platforms remained fully functional, handling record trading volumes without disruption.

Analysts emphasized that the industry’s reaction to the shock demonstrated a stronger foundation and deeper liquidity than in prior downturns. Despite $19 billion in leveraged positions being wiped out, the weekend brought a rebound of approximately $500 billion in total market capitalization, with bitcoin reclaiming critical support levels.

The 21Shares Research Team concluded that the episode was not a structural breakdown but a necessary clearing of excessive leverage. With institutional inflows, sovereign adoption, and expanding exchange-traded product participation, the analysts view the market as entering a healthier, more sustainable growth phase, supported by stronger hands and improving infrastructure.

• What caused the largest crypto liquidation in history?
  According to analysts, the selloff stemmed from tariff news on Chinese imports, triggering a wave of forced liquidations across centralized exchanges.
• How did decentralized platforms perform during the crisis?
  Decentralized exchanges operated smoothly under record volumes, highlighting their stability and scalability.
• What does this event mean for the future of crypto?
  Analysts see it as a market reset that strengthens foundations for sustainable, institutional-led growth.
• Why is the crypto rebound viewed as bullish?
  The recovery underscores structural maturity, robust liquidity, and growing investor confidence fueling the next leg up.

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