I didn't expect that the seemingly ordinary day of October 11, 2025, would become a historic one.

Data from 8 AM on the 11th shows that the cryptocurrency industry faced over $19.1 billion in liquidations in 24 hours, with over 1.6 million people liquidated, each number setting records for the history of cryptocurrency contract trading over the past 10 years.

Reviewing the K-line, Bitcoin actually began its downward trend at $117,000 on the night of October 10 at 10 PM, but no one paid attention. There were no negative news reports, only a nameless whale on Hyperliquid, holding $1.1 billion, who opened short positions on Bitcoin and Ethereum.

Whales are trading cryptocurrencies with hundreds of millions of dollars on leverage; this cycle has become quite common. We've seen several whales go to zero, so what can this '1.1 billion' do?

A few hours later, around 5 AM on the 11th, the epic '1011' crash officially began. If you happened to open your eyes at that moment and opened the 1-minute K-line for Bitcoin, you would see Bitcoin plummeting continuously in 30 minutes with an average decline of nearly 1% per minute, the most extreme situation occurring at 5:19 AM when Bitcoin dropped over 4% in that minute, falling nearly $5,000, eventually hitting $102,000.

Bitcoin, a global commodity with a total market cap of over $2 trillion, crashed 12% overnight.

Finally, the culprit has been revealed in the news: the trade war between Trump and China has resumed. The U.S. president announced that starting November 1, the U.S. will impose 100% tariffs on China.

The late news no longer matters, the altcoins have been bleeding profusely. Just to name a few mainstream high market cap altcoins: SUI, which was at $3.5 just a few days ago, plummeted to $0.55; WLD, the AI leader, dropped from $1.4 to $0.26; even Dogecoin, which is among the top ten by market cap, saw a 50% decline.
These are still high market cap altcoins; the low market cap ones have basically gone to zero.

Perhaps no one can calmly end this night, except for that $1.1 billion whale, who opened a short position of $300 million before the crash, taking profits at the peak of this disaster, doubling his principal in less than 20 hours in a chaotic crypto market, making a profit of $30 million, and swiftly exiting with $60 million in just a few minutes. Such precise operations, we don't even know who he is.

In fact, it’s not just cryptocurrencies; when compared horizontally with global capital markets, it was a day of black swans everywhere. The S&P 500 Index closed down 182.61 points on October 10, a decline of 2.71%, marking the largest weekly drop since May. The Nasdaq index dropped 3.5%, the largest single-day drop since April 10. The Hang Seng index futures fell 5% in night trading. FTSE A50 index futures also fell 4.26% in consecutive night trading, all experiencing cliff-like declines.

Only gold has not fallen.

In hindsight, the recent boom in precious metals is actually a warning bell for the market. The ability of gold, with a market cap of tens of trillions of dollars, to continue rising in a short time is already reminding us that the super-large funds on Earth are seeking safety, but unfortunately, we did not foresee it.

Respect the market; after such a disaster, we can only remind everyone to respect the market. No matter how big the bull market is, not everyone can go home with a full load. Always remind yourself to have risk control. The principal is the capital, and it is the foundation for survival in the market.#加密市场回调