After $20 Billion Crypto ‘Black Friday’, Traders Now Switch to Survival Mode!

Jakarta, Pintu News – The crypto market is still trying to recover from one of the biggest shocks in its history. On Friday, October 11, 2025, more than $20 billion (Rp331 trillion) of leveraged positions were liquidated in a matter of hours, after Bitcoin (BTC) plummeted 17% due to President Donald Trump’s new tariffs on Chinese products. This event, dubbed the “Black Friday of Crypto”, marked one of the most dramatic moments in the digital asset market so far this year.

Mass Panic and Domino Effect in the Crypto Market

According to Decrypt, head of research for on-chain options platform Derive, Sean Dawson, explained that the fall was a classic “cascading effect” – where panic selling triggers a chain of liquidations in a market that is losing liquidity. As market makers withdraw bids to avoid risk, the market becomes thin and each forced sell-off triggers a larger price drop.

“Once liquidity disappears, any forced selling has a multiplier effect,” Dawson said. He added that volatility is now increasing across all contract tenors, not just short-term, signaling that the market is bracing for a longer period of instability.

According to data from CoinGlass, more than 1.6 million crypto traders were directly affected by this event, making it the largest liquidation since the FTX crisis in 2022.

Read also: Crypto Market Bounces Back: Altcoins Jumped Sharply by 60% in a Day!

Traders Start Protecting Assets, Focus on Puts

In the aftermath of the price crash, traders shifted from bullish positions to hedging strategies. Dawson noted a surge in interest in put options, especially at the $115,000 (Rp1.9 billion) and $95,000 (Rp1.57 billion) levels for Bitcoin, and $4,000 (Rp66 million) and $3,600 (Rp59 million) for Ethereum (ETH).

This change suggests that market participants now prefer to protect themselves from a potential further decline rather than speculate on a rise. “The market has lost some short-term confidence,” Dawson said, “but some traders are still hoping for a recovery towards the end of the quarter.”

Bitcoin and Ethereum Rebound: Recovery or Temporary Pause?

After Friday’s sharp fall, Bitcoin briefly bottomed out at $109,000 (Rp1.8 billion) before rebounding to $113,000 (Rp1.87 billion) by the weekend. Ethereum (ETH) also recovered to around $3,700, while Solana (SOL) stabilized around $173.

According to CoinGecko, the total crypto market capitalization has risen again by around $220 billion (Rp3,657 trillion) in the last 24 hours. However, analyst Marco Lim of Solowin Holdings warned that this recovery could be deceptive. “What’s dangerous is not Trump’s tariffs, but the systemic vulnerabilities around WBETH and Binance’s liquidity dominance,” he said.

Read also: Will the Bitcoin (BTC) Price Crash Happen Again? Market Watchers Speculate

Lim believes that the market’s reliance on one large exchange like Binance creates a “single point of failure” for the crypto ecosystem. “Just one sharp correction could trigger a domino effect across the entire stablecoin market,” he added.

Where is the Crypto Market Going Next?

Analysts expect high volatility to persist for the next few weeks, especially as global macroeconomic uncertainties have yet to subside. Many traders are waiting for clarity on interest rate direction from the Federal Reserve, as well as further developments on the US-China trade policy that triggered last week’s “Black Friday”.

With crypto’s global market capitalization still hovering around $3.8 trillion, investors’ focus is shifting from the pursuit of profits to defensive strategies and asset protection. Meanwhile, demand for hedging instruments such as high-quality options and stablecoins is expected to continue to rise.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Decrypt. How Crypto Traders Are Positioning Following ‘Black-Friday’s’ Crash. Accessed on October 14, 2025.
• Featured Image: Generated by AI