$3.21B Vanished in 60 Seconds: October 2025 Crypto Crash Explained Through 7 Charts [Report]

At 20:50 UTC on October 10, 2025, cryptocurrency derivatives markets entered a 40-minute cascade that would liquidate $6.93 billion in leveraged positions. By 03:00 UTC the following morning, $9.89 billion in positions had been forcibly closed - one of the largest liquidation events in crypto history.

The concentration is what makes it remarkable: 70% of the damage occurred in just 40 minutes, at a rate 10.9 times faster than the hours before and after. At the peak minute (21:15 UTC), $3.2 billion evaporated in 60 seconds.

But here’s the puzzle: why did the cascade wait over five hours? Why did 70% of damage concentrate into 40 minutes?

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