The Breakdown The Short, Brutal Bear Market of October ‘25
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Oct 15, 2025 A surprise tariff announcement from Trump triggered a massive sell-off, leading to the biggest crypto liquidation in history. Altcoins plummeted to zero while suspicions of insider trading surfaced. Despite the chaos, Bitcoin showed resilience compared to altcoins. There were theories that a trader profited from prior knowledge of the announcement. Market reactions led to discussions on the need for regulatory scrutiny and platform design improvements. Ultimately, expectations lean toward a quick recovery.
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Crash Started With A Presidential Tweet
- The crash began with a presidential Truth Social tweet about 100% tariffs on China and markets sold off hard that day.
- Crypto plunged in two phases: a daytime drawdown then a violent flash crash after U.S. markets closed.
Largest Liquidation Event, But Numbers Vary
- The weekend's liquidations totaled billions and may be the largest dollar liquidation event in crypto history.
- Reported figures varied wildly from about $9.5B to speculative $400B, reflecting data-feed outages and confusion.
Suspicious $150M Short Sparks Conspiracy
- A trader on Hyperliquid reportedly profited $150 million by shorting minutes before the Trump tweet, sparking insider-trading speculation.
- On-chain analysts later tied the trader to Garrett Jinn, who denied insider access and connections.