In the early hours of October 11th, the cryptocurrency market experienced a collective crash, with Bitcoin plunging over 13% at one point, breaking below the $110,000 threshold before recovering to $113,700 per coin.
On Friday, smaller and less liquid tokens suffered even greater impacts. Ethereum plummeted over 17% at its lowest point, while Ripple and Dogecoin crashed more than 30%.
According to the latest data from Coinglass, total network liquidations surged to $19.141 billion over the past 24 hours, setting a new historical record and marking the largest forced liquidation wave since early April this year. A total of 1.62 million traders globally were liquidated, with long positions accounting for $16.686 billion in liquidations and short positions representing $2.455 billion. The largest single liquidation occurred on the Hyperliquid platform's ETH-USDT contract pair, valued at $203 million.
By cryptocurrency, Bitcoin liquidations reached $5.317 billion, Ethereum $4.378 billion, SOL $1.995 billion, HYPE $888 million, and XRP $699 million.
Social media users shared their liquidation experiences, with one commenting, "My trading career is over."
Industry experts noted that market uncertainty has driven risk asset selloffs, with derivatives markets seeing surging demand for downside protection. Options market dynamics may be influencing underlying market price movements more than ever before.
Since 2025 began, Bitcoin has experienced multiple fluctuations, oscillating and rising around the $95,000 level at year-start. In April 2025, Bitcoin once fell below $80,000 before climbing steadily for consecutive months, breaking through the $100,000, $110,000, and $120,000 milestones successively, continuously setting new all-time highs.
Bitcoin's previous upward momentum was supported by multiple factors: institutional investor capital inflows and Bitcoin's increasingly tight correlation with the global financial system.
Sid Powell, CEO and co-founder of crypto asset management company Maple, stated that Bitcoin's ability to sustain its rally largely depends on macroeconomic conditions and any new developments in trade.
Deutsche Bank predicts that by 2030, Bitcoin and gold could jointly become important components of central bank reserve assets, amid accelerating de-dollarization and surging safe-haven demand. Currently, global central bank dollar reserve shares have declined to 41%, while gold reserves have exceeded 36,000 tons. Recently, gold prices have surpassed $4,000, Bitcoin has approached historical highs, and both assets' ETFs have received record fund inflows.
Recently, Bitwise released updated Bitcoin predictions, forecasting a price target of $1.3 million by 2035, primarily driven by institutional demand and Bitcoin's limited supply. The report, published as part of Bitwise's "Long-term Capital Market Assumptions," projects a 28.3% compound annual growth rate for Bitcoin over the next decade, significantly outpacing traditional assets like stocks (6.2%), bonds (4.0%), and gold (3.8%).
Bitwise also provided multiple scenarios, suggesting that in an optimistic case, Bitcoin could achieve a 39.4% compound annual growth rate, while a pessimistic scenario could see rates drop to 2%.
(Disclaimer: Article content and data are for reference only and do not constitute investment advice. Investors operate at their own risk.)