A complete review of the 1011 encryption storm

A complete review of the 1011 encryption storm

An in-depth review of the epic liquidation events of October 11: from the Trump tariff black swan event to high-leverage margin calls, stablecoin depegging, and market maker liquidity depletion.

49 articles
The Price of Freedom: Does Crypto Need Its Own Circuit Breakers?
The article compares the 1987 stock market crash and the liquidation events in the cryptocurrency market in 2025, and explores the differences in the applicability of circuit breaker mechanisms in traditional markets and crypto markets.
From leverage mechanisms to the killing caused by the absence of liquidity, the causes and culprits of the 1011 liquidity vacuum
Today we will speculate what happened on October 11 from the perspective of the "leverage and liquidation" mechanism?
当流动性被“拔掉电源”：复盘做市商在1011暴跌中的角色
当流动性被“拔掉电源”：复盘做市商在1011暴跌中的角色
Bitwise's Chief Investment Officer discusses the 1011 crash: Three major issues reveal the fundamentals remain unchanged and the bull market will continue
Over time, the market will slowly regain its vitality and refocus on the fundamentals of cryptocurrencies. At that time, I believe the bull market will continue.
After the crypto market crash, are the stocks of DAT companies doing well?
When a business model itself is questioned, cheapness is not necessarily a reason to buy.
一夜爆仓近200亿美元：黑天鹅还是流动性危机？风险到底来自哪里？
有人说，这是黑天鹅事件，也有人说是交易所故障，更有人说是早该发生的流动性清算行为。如果回顾去看，事情比想象的更复杂。
Was the October 11th crash an organized attack? A detailed analysis of two key points
Was the largest purge in history a deliberate attack?
The Real Culprit Behind the $19 Billion Liquidation Wave? Exposing Market Makers’ 35 Minutes During the Crash
How did market makers, who are supposed to maintain market stability, become the main driving force behind an unprecedented liquidity vacuum?
USDe's 90 minutes: a misinterpreted incident of a broken anchor
Overall, the USDE depegging on Binance lasted approximately 45 minutes, with the maximum depegging amplitude reaching approximately -35% (instantaneously). During this period, total trading volume exceeded 780M USDT. This incident is more akin to a liquidity flash crash than a structural risk in the protocol.
Analyst: Garret Jin may not be the mastermind of insider trading, but two co-founders of WLFI are suspected of involvement
Analyst: Garret Jin may not be the mastermind of insider trading, but two co-founders of WLFI are suspected of involvement
What ignited the powder keg? The leverage resonance effect in the 10.11 crypto avalanche
The cascading liquidations caused by extreme leverage using altcoins as collateral are a systemic risk triggered by external shocks when the market is structurally fragile. This article will analyze the underlying mechanisms from the perspective of market makers and large investors pledging altcoins to borrow stablecoins.
In the face of a 20 billion margin call, how can ADL become the market's last safety valve?
There is no cash game for BTC, and the automatic deleveraging mechanism will take action when there is an imbalance between long and short positions.
复盘加密史上最大清算事件，一场从DeFi到CEX的韧性大比拼
尽管部分项目表现尚可，但做市商缺位，散户“买单”，加密市场的成熟程度较传统金融市场尚有一段差距。
The most stable leverage creates the most chaotic situation: Trump started the fire, why should my account pay the bill?
Although the crash was ignited by Trump, its catastrophic destructive power stems from the high-leverage environment within the native financial system of the crypto market.
Garrett Jin, a major investor, claims he has "no connection to the Trump family" and that the transactions involved are "not insider information."
Garrett Jin, a whale who previously sold over $4.23 billion worth of BTC for ETH, posted on the X platform: "Thank you Changpeng Zhao for sharing my personal information. To clarify, I have no relationship with the Trump family or Trump Jr. - this is not insider trading. The funds are not mine, but my clients'. We run nodes and provide them with inside insights. I want to briefly share three things: 1/ I will explain the bearish insights we shared. 2/ My views on 1011. 3/ Thoughts on how the industry can do better."
Reflections on the October 11 Crypto Crash: $19.1 Billion in Liquidation and Buffett's Disappearing Partner
I hope we can all become Buffett and Munger, not Rick.
Crypto Avalanche Day Revelation: The triple chain of infection of the market crash. How can the industry rebuild a more stable foundation?
In October 2025, the crypto market suffered an epic crash. Trump's 100% tariffs triggered global panic, wiping out over $500 billion in total crypto market capitalization, with over $19 billion liquidated. Flaws in CEX pricing mechanisms and the decoupling of USDe triggered a chain reaction of liquidations, exposing structural risks in the industry.
Matrixport: Trump's tariff threat triggered a historic crash in the crypto market
Matrixport said in today's chart that Trump's threat to impose a 100% tariff on China triggered a historic crash in the crypto market, and this impact coincided with a time when market leverage was high and sentiment was extremely optimistic.
Behind the 20 billion liquidation: What should we know?
When the cruelty of leverage becomes apparent, every participant must remember: risk control is always more important than profit pursuit.
The first lesson for young people who went bankrupt: When Trump's tweets hit the CEX liquidity black hole
There will be countless black swans in the future, but as this incident reveals, on-chain and decentralization are not idealism, but the safe haven of certainty that we can find in the storm.