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Crypto market in shock: Over $19 billion in liquidations!
JPMorgan analyzes the recent decline in the crypto market on 10/17/2025, influenced by liquidations and investor behavior.
Crypto market in shock: Over $19 billion in liquidations!
Recent developments in the cryptocurrency market have caused a stir. According to analysts at FXStreet The main culprits for last week's decline are the so-called crypto-native investors. This group has contributed significantly to market development through its liquidation activities.
The impact of the market decline on institutional products was only minor. However, the loss of confidence and capital manifested itself in a large-scale liquidation, which ultimately resulted in the largest single liquidation event in the history of the market. In a single day, last Friday, over $19 billion in leveraged positions were liquidated as Bitcoin, Ethereum, and numerous altcoins suffered significant declines.
Market segments and liquidation
The spot Bitcoin (BTC) and Ethereum (ETH) ETFs were particularly affected. From Friday to Tuesday, the Bitcoin ETF recorded outflows of $220 million, while Ethereum ETFs even suffered $370 million in net outflows. This shows the increased nervousness and uncertainty of investors during this period.
As for futures, bids for Bitcoin on the CME show minimal liquidations during the market decline, indicating some resilience among institutional investors. In contrast, CME Ethereum futures experienced pronounced deleveraging, attributed to significant de-risking by momentum-oriented traders.
Market development and effects
The price movements of major cryptocurrencies have been dramatic. On Thursday, Bitcoin prices fell more than 2%, hitting a low of $108,000. Ethereum also saw a 3% decline, while XRP fell 4% and Solana fell 5%. These figures illustrate the extent of the market decline and the associated challenges for investors.
As a result, open interest in Bitcoin and Ethereum CFDs fell by around 40% in dollar terms, outpacing the asset price declines. This indicates a significant decline in trading volume and possibly a loss of confidence in the market.
The statements from JPMorgan analysts highlight the complexity of the current market situation and show that the activities of crypto-native investors have been crucial to the liquidation trends. However, the stability of institutional investors represents a bright spot, suggesting that not all market segments are equally affected.