What Really Happened on October 10?

[HawkTrader]

The crypto market witnessed one of its biggest crashes on October 10, coinciding with Trump’s new tariff announcement on China. Many on X claim the tariff news triggered the meltdown — but was that truly the cause?

Here’s what’s puzzling:

On-chain data shows no major altcoin sell-offs, yet prices of many tokens plunged 82–86%.

Large BTC transfers from cold to exchange wallets were recorded, but it’s unclear if they were sold before or after the news.

Several exchanges suffered service disruptions, all blaming “high volatility” — suspiciously at the same time.

A new wallet reportedly opened a $50M BTC short just minutes before the announcement, closing with an $88M profit on Hyperliquid. The wallet is linked to a domain tied to an X handle allegedly involved in previous digital currency frauds in Asia.


The real questions are:

1. How did the tariff news cause such a steep drop without massive on-chain sales?


2. Was this a coordinated manipulation, possibly targeting the growing perp DEX ecosystem?


3. Why were 90% of affected tokens those already listed on major exchanges?



Sadly, one of the victims was a well-known Ukrainian crypto influencer, whose leveraged position got liquidated during the chaos.

The bigger concern now is: "Can crypto markets remain resilient against politically triggered volatility — or are we entering a phase where external forces and insider moves dictate the game?"

And adoption hopes might be getting slimmer by this spate of occurrences.

[Oshosondy]

1. How did the tariff news cause such a steep drop without massive on-chain sales?

Trump supported bitcoin and crypto when he was campaigning. This is where the problem began, but I think the positive side is more than the negative side but trade war should not be what bitcoin holders and traders should react to in a negative way but it should be in a positive way.

2. Was this a coordinated manipulation, possibly targeting the growing perp DEX ecosystem?

People trading on centralized exchanges are also targeted.

3. Why were 90% of affected tokens those already listed on major exchanges?

Because they follow what is happening to bitcoin. If bitcoin fall, they will also fall but they will fall more.

[bitbollo]

I would look at some events also from another side.
I don't know if there is a real correlation between the two things. Of course there is , but probably the markets where already in a "bubble".
Maybe a micro-bubble has been made explode in a few minutes "cleaning" some speculators and people that have not built enough strategies for such critical moments?
Of course liquid markets and CEX would have the strongest impact on this.
We have seen a big and impressive grow in the last 1-2 years. Why some one should continue to push harder like with an ALL IN during ATH ?
I can't really understand. Both because get more earning now is really challenging and people could easily collect massive rewards.
Plus in the last week USD/BTC have increased massively by 10-15% .

 

[BlackBoss_]

I would look at some events also from another side.
I don't know if there is a real correlation between the two things. Of course there is , but probably the markets where already in a "bubble".
Maybe a micro-bubble has been made explode in a few minutes "cleaning" some speculators and people that have not built enough strategies for such critical moments?
Of course liquid markets and CEX would have the strongest impact on this.
We have seen a big and impressive grow in the last 1-2 years. Why some one should continue to push harder like with an ALL IN during ATH ?
I can't really understand. Both because get more earning now is really challenging and people could easily collect massive rewards.
Plus in the last week USD/BTC have increased massively by 10-15% .

This image shows all about unprecedented severity of this market crash.
the post.

Covid crash: $1.2B in liquidations

FTX crash: $1.6B in liquidations

Today: $19.31B in liquidations

You wished you bought during the COVID crash.
This is your COVID crash.

This market crash is more severe than any past market massacres historically so far and it can be a market wash out for refreshing the whole market. All people who gambled with this market with whatever leverages were all washed out and liquidated.

[Webutxo]

This market crash is more severe than any past market massacres historically so far and it can be a market wash out for refreshing the whole market. All people who gambled with this market with whatever leverages were all washed out and liquidated.

This is more to what happened. I saw a trader crying badly on social media, the question he is asking why on earth 3x leverage can wipe his entire balance on exchange, this crash looks like an attack many centralized exchanges weren't prepared for, only the coins listed on exchanges affected the ones not on big exchanges didn't experience none of this crash.

This is a lesson for all traders that loves to follow what CZ is saying on X. He was shilling the market for everyone now he is hiding from the truth. Not only that, only BNB is doing well despite the market manipulation.

[GreatArkansas]

We should also consider some insider trading here. As there is one trader that is currently under investigation by the people about this trader in Hyperliquid, who made millions of profits in just less than 1 hour shorting the market before the tariff announcement and later on he already withdrawed the his million of funds outside of the Hyperliquid.

[bitbollo]

...
This market crash is more severe than any past market massacres historically so far and it can be a market wash out for refreshing the whole market. All people who gambled with this market with whatever leverages were all washed out and liquidated.

One of the biggest liquidation but also because completely un-expected.
Absolutely agree about the "gambling" on this industry. B
ut here there is always the same discussion. If you give the chance to random people to join such kind of innovations... you get heavy damages...
Even good traders that continue to use risk strategy could seriously pay the consequences.
I completely not noticed this market, not only because I was not looking graph, but also because I am not trading or doing anything strange.
Yes, other crypto bros have made millions, but I don't care. "It's a peaceful life"

[Dunamisx]

I also created a similar thread and will advise that you also go through it and specifically read this response from which am sending it's link https://bitcointalk.org/index.php?topic=5562063.msg65910563#msg65910563 what happened was more than just the tariff plan adjustments, but is had been seen before that about how the market react around this same time few years ago, we just have to combine and balance the fundamental and technical analysis as may be required on this, because it was not the first of its kind to happen.

[fuguebtc]

3. Why were 90% of affected tokens those already listed on major exchanges?

Because they follow what is happening to bitcoin. If bitcoin fall, they will also fall but they will fall more.

Agree that altcoins follow and depend on bitcoin's volatility. But what OP meant was altcoins listed on top exchanges have dropped much harder than tokens on DEXs and not listed on CEXs. Or there is a price difference between exchanges.


There are many tokens that are down more than 90% on CEX but meanwhile they are down only 20-30% on DEX. You can also try checking some tokens like ATOM, ENJ, SUI, you will see there is a clear difference in price between exchanges. For example, the price of ENJ dropped to almost zero on Binance while the price on Coinbase dropped by more than 30%.

This liquidation is clearly manipulation from centralized exchanges.

[Franctoshi]

1. How did the tariff news cause such a steep drop without massive on-chain sales?

Trump supported bitcoin and crypto when he was campaigning. This is where the problem began, but I think the positive side is more than the negative side but trade war should not be what bitcoin holders and traders should react to in a negative way but it should be in a positive way.

2. Was this a coordinated manipulation, possibly targeting the growing perp DEX ecosystem?

People trading on centralized exchanges are also targeted.

3. Why were 90% of affected tokens those already listed on major exchanges?

Because they follow what is happening to bitcoin. If bitcoin fall, they will also fall but they will fall more.

You're right, the problem lies in the fact that Trump supports Bitcoin, and with many investors and traders now look up to his tweets and speeches in interviews and across social media platforms to make investment decisions, which has contributed to what we saw crash the market on October  10th, almost every market meltdown, but it's shocking to see how gold remained unshakable by the tariff news, which is how Bitcoin should have behaved without that much of an impact on the market. A lot of people got an unexpected liquidation, even on the spot market; portfolios were all bleeding.

[hd49728]

You're right, the problem lies in the fact that Trump supports Bitcoin, and with many investors and traders now look up to his tweets and speeches in interviews and across social media platforms to make investment decisions, which has contributed to what we saw crash the market on October  10th, almost every market meltdown, but it's shocking to see how gold remained unshakable by the tariff news, which is how Bitcoin should have behaved without that much of an impact on the market. A lot of people got an unexpected liquidation, even on the spot market; portfolios were all bleeding.

It's very similar to insider trading and with interests of Trump's sons on Bitcoin and cryptocurrency market, I believe that Trump did all those posts on social media like X and Truth very intentionally. It is no longer like his art of business or political dealing when he was a businessman years ago.

Now as the US President, he is fully aware that any post from him can make the market shocks. He also had experience since his first presidency in 2016 to 2020 and I strongly believe that Trump is not guilty with all these tweets that trigger market uncertainty, fear and panic. What happened on CEX especially Binance is very weird as with bigger trading volume and liquidity, prices on Binance must be hold better than on DEX while we see that altcoin prices fell deeper on Binance than on DEX.

Lately there is rumor that Trump is considering to free CZ from his legal case months ago.

[BALIK]

You're right, the problem lies in the fact that Trump supports Bitcoin, and with many investors and traders now look up to his tweets and speeches in interviews and across social media platforms to make investment decisions, which has contributed to what we saw crash the market on October  10th, almost every market meltdown, but it's shocking to see how gold remained unshakable by the tariff news, which is how Bitcoin should have behaved without that much of an impact on the market. A lot of people got an unexpected liquidation, even on the spot market; portfolios were all bleeding.

Trump is definitely the reason because he is the one who has made our economy more unstable than ever with his erratic personality and random statements. But I don't think it's because people support Trump and trade on his tweets. Simply because America is a superpower and he is the president. That is why any statement from him or the Fed impacts and causes volatility in global markets, not just bitcoin.

Why are you surprised that gold prices didn't drop, I was even surprised that gold prices didn't spike after that news? Because gold is the safe haven, not bitcoin. At the moment, bitcoin is like stocks as a speculative asset, so don't be surprised when it gets dumped whenever the economy is in turmoil.

[Akbarkoe]

1. How did the tariff news cause such a steep drop without massive on-chain sales?

Trump supported bitcoin and crypto when he was campaigning. This is where the problem began, but I think the positive side is more than the negative side but trade war should not be what bitcoin holders and traders should react to in a negative way but it should be in a positive way.

It wasn't a major blow, it was just a mere reference that was used as a fear for the market and the market makers, I think they did it to add to market panic, that is very possible with the case on November 10 which only happened a few hours when most people were sleeping and their positions were liquidated.

My big question is, where does the money flow from the traders whose positions are in liquidation? doesn't it go into the pockets of market makers?

[SquirrelJulietGarden]

It wasn't a major blow, it was just a mere reference that was used as a fear for the market and the market makers, I think they did it to add to market panic, that is very possible with the case on November 10 which only happened a few hours when most people were sleeping and their positions were liquidated.

My big question is, where does the money flow from the traders whose positions are in liquidation? doesn't it go into the pockets of market makers?

It is a first time in cryptocurrency market history, about $20B was liquidated and there is rumor that the actual money liquidated is even much bigger than that. I have witnessed many market corrections, and gone through many market massacred but this time is different.

You know, I was not liquidated because I did not use leverages, and it is not my luckiness. I knew high risk of leverage usage and determinants avoid leverages, that's how I was less affected by this unprecedented massacre. Even so, I am shocked to see many top altcoin had /2 /3 /4 /6 and even more.

It is like a first ever terrible whole market washout I have ever witnessed after many years in this market and according to market history, it is the worst one too.

[el kaka22]

I would assume that Trump may or may not know what's going on, but I am sure people around him does. After all, he is a rich dude (allegedly) who has rich friends. So they know that when gold goes up, and when bitcoin goes down, whenever he does something. So they sold off gold, and made him say this about China and tariffs, or even if they didn't make him say it, they knew it before we did. So that gave them an advantage to short bitcoin and get out of their positions.

This is sort of manipulation, but I think it's called insider trading more than manipulation. If they did tell trump to say that tariff thing, then yeah it's manipulation, but if they only knew about it before us, and not made him do it, then it's insider trading.