Here’s what happened in crypto today

Oct 13, 2025, 19:52 GMT+52 min read

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Today in crypto, following a massive crypto crash over the weekend, Hyperliquid CEO Jeff Yan and data platform CoinGlass warned that the liquidation reporting method used by centralized exchanges, such as Binance, may undercount actual liquidations, the US government entered its third week of shutdown, with the decision of 16 crypto ETFs hanging in the balance, and US and China representatives signal easing trade tensions.

Centralized exchanges face claims of massive liquidation undercounts

Hyperliquid co-founder and CEO Jeff Yan claimed that the way centralized crypto exchanges, and Binance specifically, report data is likely to underrepresent liquidations.

Bitcoin (BTC) fell to $102,000 on Friday after US President Donald Trump announced sweeping tariffs on China. Similarly, Ether (ETH) fell to $3,500, and Solana (SOL) dropped below $140 in a marketwide sell-off.

CoinGlass data indicated that on Friday, $16.7 billion of long liquidations and $2.456 billion of short liquidations occurred, making it the biggest liquidation event in crypto history.