Bitcoin experienced severe turbulence on October 11, 2025, plummeting over 9% within 24 hours, with a minimum drop below 110,000 USD, triggering a chain reaction in global markets.
🔥 Core data of the crash
Price dynamics
Bitcoin hit a low of 105,930 USD, with a maximum drop of 13.5%, marking a new low in nearly three weeks.
As of the time of writing, Bitcoin is at 113,195 USD, with a 24-hour drop of 9.16%.
Scale of liquidation
Over 1.52 million people globally were liquidated, with a liquidation value reaching 19.1 billion USD in 24 hours, 90% of which were long position losses.
The largest single liquidation occurred on the OKX platform, with a BTC contract worth 7.99 million USD being forcibly closed.
💣 Triple Incentives: Policy, Liquidity, and Market Sentiment Resonance
Impact of Trump's Tariff Policy
On October 10, Trump threatened to 'significantly raise tariffs', triggering expectations of global trade tensions and investors panic-selling risk assets.
The three major U.S. stock indices plummeted simultaneously: the Nasdaq fell by 3.56% (the largest drop since April), the S&P 500 fell by 2.71%, and the Dow Jones fell by 1.9%.
U.S. Government Shutdown Crisis Escalates
The federal government shutdown has entered its 10th day, with the White House initiating large-scale permanent layoffs affecting nine departments, including the Department of Education and the Department of Homeland Security, breaking the 'temporary leave' routine.
This move exacerbates market concerns about economic stability, with safe-haven funds shifting to gold (surpassing $4,000 per ounce).
Stablecoin Decoupling and Leveraged Liquidation
The USDE stablecoin decoupling triggers a liquidity crisis, compounded by concentrated liquidations of high-leverage contracts (peak open contracts of $30 billion), forming a 'long squeeze'.
Exchanges like Binance are experiencing service anomalies due to high market concurrency, exacerbating selling pressure.
🌐 Global Market Chain Reaction
Asset Class Performance Key Cases
Cryptocurrency Plummeted Ethereum down 17%, SOL down 15%
Stock Market Tech Stocks Plummeted NVIDIA's market value evaporated by 1.6 trillion RMB
Commodities Crude oil down over 5%, copper down 4% WTI crude oil approaches its low for the year
Safe-haven Assets Gold up 1%, U.S. Treasury yield down 11 basis points The 10-year U.S. Treasury yield falls below 4.04%
💡 Structural Risk Exposure: The correlation between Bitcoin and traditional financial markets has strengthened, and the so-called 'digital gold' narrative as a safe haven has been debunked.
🔮 Key Variables for the Future Market
Policy Game
If Trump's tariff policy is implemented, Bitcoin may test the psychological support level of $100,000.
The probability of the Federal Reserve cutting interest rates in October reaches 97.8%, and expectations for liquidity easing may become a rebound opportunity.
On-chain Signals
Whale addresses are concentrating their holdings near $114,000, and a technical rebound may occur in the short term.
Regulatory Dynamics
The EU's (Crypto Asset Market Framework) implementation is imminent, and the compliance process may attract long-term funds.
⚠️ Investor Warning
Leverage Risk: In this round of liquidations, over 63% were high-leverage long positions (50-100x), with a 5% price fluctuation capable of wiping out principal.
Emotional Trap: The market fear index (FGI) plummets to 65, and blindly buying the dip can easily lead to being 'buried halfway up the mountain.'
Analyst Zhang Yankun warns: "Investing should be based on value recognition, stay away from leveraged gambling."
💎 Summary
This crash is a compound result of a policy black swan, leveraged bubbles, and liquidity crises; short-term volatility may continue. Investors should focus on three key signals: the status of tariff policy implementation, the Federal Reserve's interest rate path, and the validity of Bitcoin's $110,000 support, responding rationally to market shocks.