Crypto Market Experiences Largest Liquidation in History, Reaching $19.24 Billion

Week of October 14 - 20, 2025

On October 10, 2025, the cryptocurrency market experienced the largest liquidation in history, totaling $19.24 billion and impacting more than 1.6 million traders.

Approximately 87% of the liquidations came from long positions, marking an even more severe wipeout than those during the Luna and FTX collapses.

Deutsche Bank forecasts that Bitcoin (BTC) and gold could be added to central bank reserve assets by 2030, citing Bitcoin’s growing institutional credibility and its increasing role as a hedge similar to gold.

Standard Chartered projects that over $1 trillion could flow out of banks in emerging markets and into stablecoins by 2028, as investors seek to protect against high inflation. The total value of stablecoins used for savings is expected to jump from $173 billion today to $1.22 trillion within three years.

Square, the payments arm of Block founded by Jack Dorsey, has launched a new feature allowing U.S. merchants to accept Bitcoin payments directly and store them in an integrated Square digital wallet with zero fees. The feature is available nationwide, except in New York State.

Morgan Stanley has opened access to crypto funds across all client groups, including retirement account holders, expanding beyond its previous high-net-worth-only policy. The U.S. retirement market is currently valued at $45.8 trillion.

JPMorgan reported that a Solana ETF has a strong chance of SEC approval this month. However, it expects modest inflows of around $1.5 billion in the first year—far below Bitcoin and Ethereum ETF levels—citing weaker fundamentals and a stronger association with meme coins than real-world applications.

Meanwhile, Binance co-founder Changpeng Zhao (CZ) has launched a $1 billion fund under YZi Labs to support blockchain projects on the BNB Chain, focusing on DeFi, RWA, AI, DeSci, and Payments sectors.

Technical Analysis

Bitcoin (BTC)

Bitcoin (BTC) has corrected down to its 200-day moving average at $108,000, which also coincides with its previous low. This price level serves as a key support zone. If Bitcoin fails to hold above it, short-term traders are advised to cut losses. The first resistance target is at $116,500, and a breakout above this level would open the possibility for Bitcoin to retest its previous high.

• Support: 3,500,000 THB / 108,000 USD
• Resistance: 3,880,000 THB / 116,500 USD

Ethereum (ETH)

Ethereum (ETH) corrected below its previous low before quickly rebounding and recovering above $3,600, which now serves as a key support level. The next target is a potential rebound toward the $4,800 resistance. Traders may look for buying opportunities as long as the price holds above this support zone.

• Support: 124,500 THB / 3,600 USD
• Resistance: 152,000 THB / 4,800 USD

Synthetix (SNX)

Synthetix (SNX) delivered a 105.14% gain over the past week, showing strong upward momentum. Traders are advised to wait for a price pullback and look for buy-on-dip opportunities around the $1.860 support level. The short-term profit-taking target is near the previous high at $2.580. Overall, the broader trend is turning bullish, signaling a potential trend reversal to the upside.

• Support: 56 THB / 1.860 USD
• Resistance: 84 THB / 2.580 USD

Bittensor (TAO)

Bittensor (TAO) recorded a 22.70% gain over the past week, with signs of a potential bullish reversal forming in the broader trend. Traders may look for buying opportunities around the $400 support level, with a short-term profit target at $460. A confirmed breakout above this resistance would signal a full bullish trend reversal.

• Support: 1,300 THB / 400 USD
• Resistance: 1,480 THB / 460 USD

Investment Trends

The crypto market has rebounded sharply following last weekend’s sell-off, supported by easing U.S.–China trade tensions. While crypto was not directly impacted, volatility is expected to persist until a formal agreement is reached.

This week’s key events include:

• Tuesday, October 14 – Fed Chair speech on monetary policy
  
  
• Wednesday, October 15 – U.S. CPI data release
  
  
• Friday, October 17 – Non-Farm Payrolls and unemployment rate reports
  
  

However, these releases may be delayed if the U.S. government shutdown continues.

From a macro perspective, the U.S.–China talks and the ongoing shutdown have not directly disrupted crypto markets. While recovery is likely to continue, volatility remains high, and weak delayed data could dampen sentiment.

Investment Strategy

Maintain a cautious short-term approach despite the broader bullish outlook. Focus on defensive entries, managing risk around key support levels.

References

• https://www.bloomberg.com/news/articles/2025-10-10/crypto-sees-more-than-3-billion-in-liquidations-in-past-hour 
• https://finbold.com/banking-giant-makes-super-bold-gold-and-bitcoin-2030-prediction/ 
• https://cointelegraph.com/news/standard-chartered-stablecoin-outflows-2028 
• https://cointelegraph.com/news/square-bitcoin-payments-merchants-crypto 
• https://cointelegraph.com/news/morgan-stanley-crypto-fund-access-all-investors 
• https://www.theblock.co/post/374019/jpmorgan-solana-etfs-low-inflows-1-5-billion-first-year 
• https://cointelegraph.com/news/yzi-labs-cz-1-billion-bnb-builder-fund-token-new-highs