Data: This year, the total nominal amount of liquidations across the internet reached 150 billion USD, and the '10·11' crash has systemic significance

According to Coinglass data, the total nominal amount of forced liquidations across the network in 2025 is approximately $150 billion, corresponding to an average daily leverage reshuffling of about $400-500 million.

On the majority of trading days, the scale of long and short liquidations remains in the range of tens of millions to hundreds of millions of dollars, primarily reflecting daily margin adjustments and the clearing of short-term positions in a high-leverage environment, with limited medium- to long-term impact on prices and structures. The truly systemic pressure is concentrated in a few extreme event windows, with the de-leveraging event from October 10 to October 11 being the most typical.