First anniversary: October 11, 2025—the largest liquidation day in crypto history 🤯
How many people did that wick jolt awake? What happened to those who “lucked out and survived”?
At 5:19 a.m. this time last year, Bitcoin plunged nearly $5,000 in one minute!
Many people were jolted awake by their phones—not by a notification, but by a liquidation text!
1.62 million people lost their positions that same night. Someone posted a screenshot in the group chat: “My trading career is over.” After that, their avatar never lit up again ☹️
The truly cruel thing about that crash wasn’t how far prices fell, but that it happened at a moment when everyone thought “nothing could go wrong.”
Just a week earlier, Bitcoin had hit a new all-time high of $126,000. During the National Day holiday, the group chats were full of screenshots showing gains. BNB was heading for $1,300, calls for altcoin season were growing louder, and everyone was discussing “how high this cycle could go.” No one was thinking, “What if prices fall?”～
That day, Trump’s tariff threat sent global risk assets tumbling. $BTC plunged straight from $122,000 to $101,500; $ETH crashed more than 20%; and altcoins were cut in half, then in half again, within minutes…
$19 billion in liquidations. 1.62 million accounts wiped out. 90% were long positions!
The cruelest part of that night was that most people didn’t lose because they got the direction wrong—they lost because of leverage～
I’ve summed up three lessons from this:
1️⃣ In a bull market, leverage makes you feel like a genius. In the face of a black swan, it leaves you without even a chance to stop your losses. He Yi, Binance co-founder, said something afterward that I still remember: Don’t borrow money to trade crypto. Never!
2️⃣ Collateral can betray you. You think a stablecoin will always be worth $1; you think BNSOL will always track $BNB . But in extreme market conditions, once liquidity dries up, any peg can break～
3️⃣ Surviving matters more than making money. 1.62 million people were liquidated. Binance later paid out $328 million in compensation, but that was after the fact. The liquidated positions couldn’t be recovered, and shattered confidence is even harder to rebuild～
A year has passed. Bitcoin is still here, and so is the market. But many of those 1.62 million people are no longer at the table ☹️
So risk management isn’t a burden in a bull market—it’s the only thing that can save your life in a bear market. I hope we can all stay in the game a little longer～
#1011一周年 #黑天鹅 #合约爆仓
How many people did that wick jolt awake? What happened to those who “lucked out and survived”?
At 5:19 a.m. this time last year, Bitcoin plunged nearly $5,000 in one minute!
Many people were jolted awake by their phones—not by a notification, but by a liquidation text!
1.62 million people lost their positions that same night. Someone posted a screenshot in the group chat: “My trading career is over.” After that, their avatar never lit up again ☹️
The truly cruel thing about that crash wasn’t how far prices fell, but that it happened at a moment when everyone thought “nothing could go wrong.”
Just a week earlier, Bitcoin had hit a new all-time high of $126,000. During the National Day holiday, the group chats were full of screenshots showing gains. BNB was heading for $1,300, calls for altcoin season were growing louder, and everyone was discussing “how high this cycle could go.” No one was thinking, “What if prices fall?”～
That day, Trump’s tariff threat sent global risk assets tumbling. $BTC plunged straight from $122,000 to $101,500; $ETH crashed more than 20%; and altcoins were cut in half, then in half again, within minutes…
$19 billion in liquidations. 1.62 million accounts wiped out. 90% were long positions!
The cruelest part of that night was that most people didn’t lose because they got the direction wrong—they lost because of leverage～
I’ve summed up three lessons from this:
1️⃣ In a bull market, leverage makes you feel like a genius. In the face of a black swan, it leaves you without even a chance to stop your losses. He Yi, Binance co-founder, said something afterward that I still remember: Don’t borrow money to trade crypto. Never!
2️⃣ Collateral can betray you. You think a stablecoin will always be worth $1; you think BNSOL will always track $BNB . But in extreme market conditions, once liquidity dries up, any peg can break～
3️⃣ Surviving matters more than making money. 1.62 million people were liquidated. Binance later paid out $328 million in compensation, but that was after the fact. The liquidated positions couldn’t be recovered, and shattered confidence is even harder to rebuild～
A year has passed. Bitcoin is still here, and so is the market. But many of those 1.62 million people are no longer at the table ☹️
So risk management isn’t a burden in a bull market—it’s the only thing that can save your life in a bear market. I hope we can all stay in the game a little longer～
#1011一周年 #黑天鹅 #合约爆仓