The day everything got liquidated
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Early October 2025
Bitcoin sets an all time high near $126,000. Leverage is everywhere and everyone is a genius.
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A surprise tariff announcement on Chinese imports hits the market. The first big longs reach their liquidation prices and the cascade starts.
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The next 24 hours
About $19 billion in positions is force closed, roughly nine times the previous single day record. More than 1.6 million accounts are liquidated. Order book depth drops 98% and USDe trades at $0.65 on Binance.
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By year end
The memecoin sector shrinks from about $80 billion to about $47 billion. October closes red for the first time in seven years.
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One year later. If you are reading this, you made it.