◇ REPLAY · October 10–11, 2025
October 2025: The $19B Cascade
The largest liquidation in crypto history: $19B in 24 hours, and the day ADL stopped being a footnote.
◆ ◇ OCTOBER 2025: THE $19B CASCADE · REPLAYBinance BTCUSDT archived OHLC (1d + 1h) + USDT-M funding
AGGREGATE PERP OI (REPORTED): $217B OCT 10 → $123B OCT 11 · −43%
◇ accent dots mark daily wick lows (e.g. May 19 ~$30k)
STEP 1/7
The setup — record open interest at the highs
Aggregate perp open interest reached a reported ~$217B while BTC printed a Friday high near $122,574. Open interest is gross outstanding notional — crowding, not direction. With ~87% of later liquidations on the long side, the book was heavily one-sided into the shock; a flush would hit a lot of people at once. Before events like this, stress OI by leverage tier and funding skew, not spot momentum alone.