Catenaa, Sunday, October 19, 2025-Crypto markets saw unprecedented sell-offs last week as over 1.5 million traders were liquidated following President Trump’s announcement of 100% tariffs on Chinese imports.
CoinGlass data shows roughly $9.55 billion in open positions were erased.
Long positions accounted for $8 billion of losses, while $1.55 billion came from shorts.
Bitcoin and Ethereum suffered the largest hits, with $1.37 billion and $1.26 billion wiped out, respectively. HTX reported the single largest liquidation at $87.53 million in BTC/USDT.
Bitcoin’s price plunged from above $122,000 to around $113,600, briefly dipping under $102,000, erasing all gains since August.
Ethereum and other major tokens followed similar sharp declines. Crypto’s total market capitalization fell more than 9% to $3.8 trillion.
The market turmoil was sparked by Trump’s threat of tariffs in response to China requiring export licenses for rare earth-containing products, though he later suggested the increase could be reversed if China reversed course before November 1.
Despite widespread losses, some traders profited. One derivatives whale on Hyperliquid shorted nine-figure positions in Bitcoin and Ethereum, reportedly netting $190 million.
Observers suggest coordinated moves by large players amplified the liquidations across exchanges.
Analysts said that the wipeout shows the vulnerability of crypto markets to macroeconomic shocks and political developments, while demonstrating the outsized influence of large derivatives traders on market dynamics.
