Crypto markets absorbed approximately $19 billion to $20 billion in forced liquidations within 24 hours on Oct. 10, marking the largest single-day deleveraging event on record.
Hyperliquid processed more than $10 billion, while Binance accounted for roughly $2.4 billion. Altcoins bore the brunt of selling pressure while Bitcoin’s drawdown remained comparatively contained.
Bitwise portfolio manager Jonathan Man calculated that about $65 billion of futures open interest (OI) disappeared across venues during the cascade, resetting positioning to levels last observed in July.
The washout concentrated offshore, as Hyperliquid and Bybit absorbed the heaviest liquidation volume, while Binance’s share was smaller than typical for an event of this scale.
CME maintained a larger proportion of Bitcoin futures OI through the selloff, and Coinglass data now show CME, Binance, Bybit, and OKX as the top Bitcoin futures venues by notional.
Despite the remarkably negative episode, Bitcoin is only 8
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