The short positions of the whales surged in the undercurrent, the funding chain of market makers broke at the edge of the cliff, and a storm sweeping global risk assets quietly began in Washington.

On October 11, 2025, the cryptocurrency market experienced a historic 'epic liquidation'. Over 1.6 million investors suffered heavy losses within 24 hours, and the total liquidation amount reached 19.1 billion USD, setting a record in the history of cryptocurrency contract trading over the past decade.

This crash, referred to by the market as the '1011 Incident', not only caused the total market value of cryptocurrencies to evaporate by more than 600 billion USD in a short period, but also acted like a precise surgery, accurately piercing the high-leverage bubble and exposing the deep structural risks of the cryptocurrency market.