In accordance with MarsBit, on October 10, the crypto market experienced its largest single-day liquidation event, with over $19 billion in assets wiped out across exchanges following U.S. President Donald Trump's threat of new tariffs on China. Bitcoin and Ethereum faced $4.6 billion and $3.8 billion in long liquidations, respectively. Chain data from CryptoQuant shows that over 90% of the Bitcoin sold during the crash came from short-term holders, while long-term holders remained largely inactive. Exchange inflows also suggest that whales did not offload their positions during the turmoil. Ethereum saw a similar pattern, with large inflows before the crash followed by a sharp withdrawal of over 234,000 ETH from exchanges within days. Despite the panic, the broader market belief in Bitcoin and Ethereum remains intact, with structural funds such as whales, stakers, and funds taking advantage of the dip.
Crypto Market Sees $19B in Liquidations as Whales Buy the Dip
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