A historic $19 billion notional liquidation event has shaken the cryptocurrency market, impacting over 1.6 million traders worldwide. This unprecedented event on October 10-11, 2025, saw major exchanges like Binance and Bybit play central roles in forcing closures for many traders. The event was driven by a confluence of factors including geopolitical tensions and trading bursts, leading to widespread market volatility. The cryptocurrency market saw Bitcoin plummet from $117,000 to $102,000, with cascading impacts on Ethereum and other altcoins. This drastic drop resulted in traders shifting towards safer assets. Financial markets around the globe experienced distress, as institutional investors reduced risk due to U.S.-China tariffs that are impacting both crypto and traditional equity markets.