TechFlow, December 25 — According to data from CoinGlass, the total liquidation amount in the crypto market for 2025 has exceeded $150 billion, with an average daily liquidation volume reaching $400 million to $500 million.
On most trading days, long and short liquidations remain within the range of several hundred million to several billion dollars, primarily reflecting routine margin adjustments and short-term position unwinding under high leverage conditions, having limited medium- to long-term impact on price and market structure. Systemically significant stress is instead concentrated in a few extreme event windows, among which the deleveraging incident in mid-October, specifically October 10–11 (10·10–10·11), stands out as the most typical case.
On October 10, 2025, the entire market experienced an extreme peak in liquidations—the highest observed during the sample period—with combined long and short positions exceeding $19 billion in total, far surpassing previous single-day highs. Considering timing of disclosures by certain platforms and feedback from market makers, the actual nominal liquidation size could have approached $30–40 billion, several times higher than the second-largest event in the prior cycle. Structurally, the liquidations were heavily skewed toward long positions on that day, accounting for approximately 85–90% of total liquidations, indicating that BTC and related derivatives markets had entered an extremely crowded leveraged long state prior to the event.
