BlockBeats News, October 13, HTX DeepThink columnist, HTX Research researcher Chloe (@ChloeTalk1) stated that the current market volatility was driven by global risk aversion triggered by Trump’s restarting of tariff policies. Bitcoin initiated a cliff-like plunge at 5 a.m., with a 24-hour total liquidation across all exchanges reaching as high as $19.1 billion, setting a record for the largest single-day liquidation in crypto history. The VIX panic index surged by 22% intraday, the U.S. 10-year Treasury yield broke 4.8%, on-chain and macro liquidity contracted simultaneously, becoming the catalyst that crushed the high-leverage system.
Deribit data showed that the BTC and ETH put skew rose to an 18-month high, with implied volatility soaring to 82%, and market risk aversion reaching an extreme. Despite short-term downside risks remaining, long-term funds are gradually returning. Chloe pointed out that this liquidation event is not only a liquidity event but also marks the boundary of the industry cycle. The combination of “fiat-pegged stablecoins + high LTV collateral” has become the core of risk penetration, amplifying the vulnerability of USDe-type assets. She believes that extreme panic may signal a bottoming process, and historically similar events (such as 3.12 in 2020 and the FTX crash in 2022) have all served as the starting point for the next bull market.
