Almost a day has passed since the "Great Crypto Dump of October 2025", and there are still no answers to important questions. Moreover, none of the influential figures in the industry or regulators from the same States even seem to be asking them. One might think, altcoins depreciated by 60-99% in a single candle.

This, the lack of questions, is the most surprising of all. For scale comparison:

- "Corona" dump: $1.2 billion in liquidations on the crypto market.

- FTX Crash: $1.6 billion in liquidations on the crypto market.

- TrumpDump on tariffs against China: $19.37 billion in liquidations on the crypto market.

And apparently, these are incomplete figures. There are reports circulating online that the real data, which simply got stuck during transmission through the exchange's API to Coinglass, is $60 billion in liquidations. And it wasn't 1.5 million traders affected, but 5 million.

The largest individual liquidation order occurred on #Hyperliquid in the ETH/USDT pair for the amount of $203.36 million. More than 1,000 Hyperliquid wallets were zeroed out, with 19 traders on this platform losing $10 million or more each. A whale was liquidated on the HTX exchange with a BTC/USDT position worth $87.5 million. Just a few examples from the vast number of stories circulating online:

“I have a friend whose capital is approaching $30 million. He has nearly a decade of experience in the cryptocurrency field. Yesterday he lost all $30 million in 10 minutes due to cross-margin. A whole decade and several generations that he could have sent to retirement vanished in 10 minutes.”

“I spent 3 years being present every day 24/7. I sacrificed everything: friends, family, health, I literally poured blood and tears into this, and in a matter of seconds it all disappeared. I have nothing to show for my work, and that time will never come back.”

When two weeks ago Eric Trump said that the fourth quarter would be "incredible" for cryptocurrencies - he wasn't lying. Meanwhile, a DEX trader, whom on-chain researchers refer to as Bitcoin OG and who held 86,000 BTC since 2011, opened short positions on #BTC and #ETH worth millions of dollars right before Trump's attack on China and made a very good profit.

Arthur Hayes writes that according to his data, the reason for the market crash was the automatic liquidation of collateral tied to cross-margin positions on one of the largest CEX: "Congratulations to everyone who placed bets. We won't see such levels on many high-quality altcoins in the near future."

And that's it. No other explanations are visible. Market makers Wintermute, DWFLabs, whose job was to keep prices from dumping in a thin market, say that everything is fine with them. We are all very glad for them.

Binance is the only exchange that has stated it will compensate users affected by the liquidation. Co-founder of the #Binance exchange Yi He:

"Due to significant market fluctuations over the past 16 hours and a significant influx of users, some users have experienced transaction issues. I sincerely apologize. If you incurred losses related to Binance, please contact our support service to register your case. We will review your account activity individually, analyze the situation, and provide appropriate compensation. However, losses resulting from market fluctuations and unrealized profits are not eligible for compensation."

The latest clarification means that mass compensation is unlikely.

CryptoQuant meanwhile writes that Trump became the catalyst for the dump, but the real fragility of the market lies in excessive leverage.

At #CryptoQuant, they compared the current decline in open interest for BTC with the crash during COVID-19, thus the "corona" dump:

Regarding altcoins: -$28.58 billion (-41%)

Regarding Bitcoin: -$10.69 billion (-24%).