Ликвидации на крипторынке в 2025 году: рекордные $150 млрд и системный стресс Translation: Headline: Liquidations in the cryptocurrency market in 2025: a record $150 billion and systemic stress

In 2025, the total nominal value of liquidations in the crypto market neared $150 billion. According to a report by CoinGlass, investors were losing approximately $500 million daily on average.

Analysts noted that during the majority of trading days, forced position liquidations ranged in the tens or hundreds of millions of dollars without significantly impacting asset prices.

The systemic stress was targeted, concentrated in several brief but severe crises, with a notable event occurring on October 10-11 when there was a substantial reduction in leverage.

The total liquidation volume in one day exceeded $19 billion, setting an all-time record. Considering reporting delays and data from market makers, the actual figure could have reached $30 billion to $40 billion, with up to 90% of the liquidations affecting long positions.

A macroeconomic shock served as the catalyst for this event when U.S. President Donald Trump announced the introduction of 100% tariffs on imports from China.

The internal vulnerabilities of the market also played a role, as pointed out by CoinGlass. At that time, Bitcoin, driven by expectations of a lenient monetary policy, had reached an all-time high of approximately $126,000.

The derivatives sector was saturated with long leverage amidst a high spread between futures and spot prices.

The situation was further exacerbated by the market’s architecture. The immense aggregate leverage, abundance of illiquid assets, and complex hedging strategies employed by institutions made the system reliant on the flawless operation of liquidation mechanisms and auto-deleveraging (ADL).

In the face of extreme stress, these mechanisms failed, resulting in a cascading failure of hedges and a chain reaction of liquidations. Furthermore, infrastructure issues arose, as centralized exchanges (CEX) encountered delays in withdrawals, API outages, and even temporary downtimes in order matching mechanisms.

«In contrast to the Terra era in 2022, this event did not trigger major default chains among institutions. Although market makers like Wintermute faced partial losses due to the ADL mechanism, their aggregate capital remained sufficient. Risks were concentrated within specific strategies and assets,» experts concluded.

It is worth mentioning that Clouted, a co-founder of the ETH Strategy protocol, stated that after the October market crash, «something broke.» According to him, all liquidity has since exited the sector, and demand has significantly dropped.