The amount of liquidations in the 2025 crypto market has exceeded $150 billion.

Foresight News reports that, according to CoinGlass data, the total liquidation amount in the crypto market by 2025 has exceeded $150 billion, with an average daily liquidation of $400 million to $500 million. On most trading days, the scale of long and short liquidations remains in the range of tens of millions to hundreds of millions of dollars, mainly reflecting daily margin adjustments and short-term position liquidations in a high leverage environment, with limited medium- and long-term impact on prices and structure. The truly systemic pressure is concentrated in a few extreme event windows, with the mid-October 10·10–10·11 deleveraging event being the most typical. On October 10, 2025, the entire market experienced an extreme peak in liquidation, with total long and short liquidations exceeding $19 billion, far surpassing the single-day high of previous liquidation events. Based on the disclosure rhythm of some platforms and feedback from market makers, the actual nominal liquidation scale may approach $300–$400 billion, several times higher than the second-highest event in the previous cycle. Structurally, on that day, liquidations were heavily skewed toward longs, accounting for about 85–90%, indicating that before the event, the BTC and related derivatives markets were in an extremely crowded long leverage state.