On October 11, 2025, an ordinary day, yet it left a significant mark in the history of Crypto Assets.

At 8 AM, data shows that the Crypto Assets market has experienced unprecedented turmoil in the past 24 hours. The total liquidation amount across the network has exceeded 19.1 billion USD, with over 1.6 million traders facing liquidation. These figures have broken the records for Crypto Assets derivatives trading in the past decade.

Looking back at the market trends, Bitcoin began to quietly decline from around $117,000 at 10 PM on October 10. At that time, the market did not notice anything unusual, as there were no obvious negative news. However, on the Hyperliquid platform, a mysterious whale quietly established short positions in Bitcoin and Ethereum worth $1.1 billion.

For veterans of the Crypto Assets circle, leveraging transactions worth hundreds of millions of dollars is not uncommon. Many whale-level investors have suffered significant losses, but no one can predict how long this "$1.1 billion" trader can last.

Around 5 AM, the market crash officially began. The 1-minute candlestick chart for Bitcoin showed a terrifying trend: within half an hour, Bitcoin averaged a nearly 1% drop per minute with almost no support. Most astonishingly, at 5:19, Bitcoin plummeted by $5000 in just one minute, with a single candlestick showing a drop of over 4%, reaching a low of $102,000.

Bitcoin, with a market capitalization exceeding 2 trillion USD, evaporated 12% of its value overnight.

By the time the market reacts, the situation is already out of control. On the news front, Trump announced a 100% tariff on Chinese goods starting November 1, restarting the trade war. However, at this point, this news is irrelevant because the small coin market has already plunged into collapse.

Some well-known altcoins have been hit hard: SUI has plummeted from $3.5 to $0.55; WLD has dropped sharply from $1.4 to $0.26; even Dogecoin, which ranks in the top ten by market cap, has been cut in half. As for those smaller market cap tokens, they have nearly all been wiped out.

That night, the Crypto Assets market gave everyone a harsh lesson: never underestimate the power of black swan events, and do not think that having large investors supporting you guarantees safety. The market will not give you time to react; it will only ruthlessly educate every participant.