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October 10 Bitcoin liquidations totaled approximately $2.31 billion in actual trader losses across Bitcoin and Ethereum, not $19 billion. On-chain analytics show nominal leveraged positions reached $19B, but real liquidations—what traders lost—were far smaller.
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Actual combined liquidations: $2.31B
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Bitcoin longs: $1.05B; Bitcoin shorts: $133.6M; Ethereum longs: $895M; Ethereum shorts: $229.7M
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Largest recorded real crypto liquidation remains April 18, 2021: $3.09B (Bitcoin + Ethereum)
October 10 Bitcoin liquidations confirmed at $2.31B actual losses—clarifying the $19B headline. Read the breakdown and expert commentary from CryptoQuant. Learn more with COINOTAG.
Published: October 17, 2025 — Updated: October 17, 2025 — By COINOTAG
What were the October 10 Bitcoin liquidations?
October 10 Bitcoin liquidations amounted to roughly $2.31 billion in actual trader losses across Bitcoin and Ethereum, according to on-chain analytics. Media figures citing $19 billion described the nominal value of leveraged positions, not the capital actually lost by traders.
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Many outlets reported a $19B figure because they referenced the nominal value of leveraged positions that were at risk during the price swings. Platforms that compile exchange liquidations often show the notional size of closed positions, which can exaggerate perceived losses. Crypto industry analysts including Carmelo_Alemán and data providers such as CryptoQuant and Coinglass (plain text mentions) clarified that nominal liquidation values differ from actual on-chain losses recorded when collateral is consumed.
Frequently Asked Questions
How much did traders actually lose on October 10, 2025?
On-chain tracking shows actual liquidations totaled approximately $2.31 billion: Bitcoin longs $1.05B, Bitcoin shorts $133.6M, Ethereum longs $895M, Ethereum shorts $229.7M. These figures reflect realized losses rather than notional leveraged positions.
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Did exchanges disappear or suffer losses due to the October 10 event?
No. Liquidations describe forced closures of leveraged trader positions. Exchanges and clearing mechanisms close positions to protect collateral and maintain solvency; the October 10 event did not indicate systemic exchange failures.
After the October 10 market move, headlines claiming a historic $19 billion liquidation spread quickly. Those numbers came from datasets that aggregate the face value of positions closed by exchanges—effectively the amount of exposure removed—not the capital actually erased from trader accounts.
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On-chain data providers and analysts explained that the nominal liquidation metric includes borrowed funds and leverage multipliers. CryptoQuant (plain text), for example, explicitly noted the distinction between nominal values and realized losses: “The reported $19B corresponds to the nominal value of leveraged positions, not actual trader losses.” That context reduces the apparent severity of the event when measured by real capital lost.
Actual losses recorded on October 10
Exchange and on-chain analytics aggregated the following figures for October 10:
- Bitcoin longs: $1.05 billion
- Bitcoin shorts: $133.6 million
- Ethereum longs: $895 million
- Ethereum shorts: $229.7 million
The combined actual trader losses across the two largest assets totaled about $2.31 billion, far lower than the widely circulated $19B nominal number.
Historical context
The largest documented actual crypto liquidation day remains April 18, 2021, when combined Bitcoin and Ethereum real losses reached roughly $3.09 billion. On that day Bitcoin longs were approximately $2.265B and shorts $199.5M; Ethereum longs were $578.2M and shorts $48.7M. That event surpasses October 10 in terms of realized trader losses.
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Understanding leverage and nominal vs. real liquidation metrics
Leverage magnifies position size by borrowing; nominal liquidation figures capture the full leveraged exposure closed by exchanges. Real losses are determined by the collateral consumed and funds actually removed from trader accounts, which on-chain tracking records more accurately. This distinction explains why nominal numbers can overstate market impact.
Key Takeaways
- Distinguish nominal vs. real: Nominal liquidation totals reflect leveraged exposure, not actual capital lost.
- October 10 actual losses: Combined Bitcoin and Ethereum real liquidations were about $2.31B.
- Historical comparison: April 18, 2021 remains the largest real liquidation event (~$3.09B).
The Real Data Behind the October 10 Crash
“The reported $19B corresponds to the nominal value of leveraged positions, not actual trader losses. On-chain data shows a strong correction—but far from the historic Covid-era event.” — @oro_crypto
(Original commentary referenced by CryptoQuant.com) — October 16, 2025
Conclusion
On-chain analysis shows that October 10 Bitcoin liquidations resulted in approximately $2.31 billion in actual trader losses across Bitcoin and Ethereum, not the widely circulated $19B nominal figure. Clear differentiation between leveraged nominal exposure and realized on-chain losses is essential for accurate reporting and risk assessment. COINOTAG will continue monitoring on-chain metrics and official exchange disclosures to provide updated, data-driven coverage.
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Sources (plain text): CryptoQuant, Coinglass, Carmelo_Alemán, public on-chain exchange data. Author: COINOTAG. Published: October 17, 2025.
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Source: https://en.coinotag.com/on-chain-data-suggests-bitcoin-october-10-liquidations-may-have-totaled-2-31b-not-19b/
