After 312 and 519, October 11 is destined to be a day written in the history of cryptocurrency.

Last night, influenced by Trump's sudden tariff remarks, global financial markets crashed, and the cryptocurrency market also suffered a severe setback — BTC fell as low as 101500 USDT, ETH fell as low as 3373.67 USDT, SOL fell as low as 144.82 USDT, and BNB fell as low as 860 USDT.

Even more shocking were the smaller-cap altcoins, which suffered short-term losses of over 80% or even 90% due to the chain liquidation impact. I have experienced 312 and 519 before, but I have never seen such an exaggerated single-day drop in altcoins.

Odaily Note: Screenshot of Binance's loss ranking in the early morning, which is not even the lowest loss situation.

According to Coinglass data, as of around 7:40 this morning, the total amount of liquidations across the entire network in the past 24 hours was 19.13 billion USD, with as many as 1,618,240 people experiencing liquidation. The largest single liquidation was a 203 million USD long position on the Hyperliquid platform.

Under extreme market conditions, although most users' positions were severely damaged (for example, some users faced multiple liquidations overnight), there were still some who "took advantage of the fire" and captured the opportunity for massive gains during the extreme market conditions.

Opportunity for Massive Gains One: Short Selling Directly

The simplest opportunity for massive gains is direct short selling, which does not need further elaboration.

For example, Hypurrsan data shows that a whale address starting with 0x2ea18 made a profit of 72.33 million USD through shorting BTC and ETH in the past 24 hours. This whale has already withdrawn 60 million USD USDC to Arbitrum and secured the profits.

Opportunity for Massive Gains Two: Buying at Low Prices

Compared to contract players, the biggest opportunity for spot users is buying at low prices — if you had placed orders at low prices or stayed up all night, you would have had the opportunity to buy:

1.25 USD XRP;

0.095 USD DOGE;

0.55 USD SUI;

1 USD IP;

0.25 USD XPL (this thing was 2.7 USD just a few days ago);

0.1 USD ARB;

79 USD AAVE;

1.65 USD PENDLE;

0.05 USD JUP;

0.13 USD ENA;

2 USD UNI;

1.5 USD TRUMP;

0.001 USD ATOM (yes, you read that right!);

0.00000 USD IOTX (yes, you still didn't read it wrong! Just look at the picture below...)

In addition to small-cap altcoins, mainstream coins like ETH and SOL, although seemingly with small declines, also presented excellent opportunities for buying at low prices — due to liquidity constraints, the prices of certain liquidity derivatives tokens fluctuated greatly, with WBETH falling as low as 430 USD, and BNSOL falling as low as 34.9 USD — who could have imagined seeing ETH at 400 USD and SOL at 30 USD last night...

After the market relatively recovered, many KOLs began to disclose their profit status on X, for example, Vida (@Vida_BWE) directly disclosed that he made approximately 8 million USD in one night.

Opportunity for Massive Gains Three: Stablecoin Depegging

Except for some uncertain altcoins, the short-term depegging of USDe was also a great opportunity for buying at low prices last night.

Due to market liquidity (some users needed to exchange USDe back to USDT to replenish their margin), USDe fell as low as 0.6268 USD last night. Some users took advantage of this opportunity to buy low, and after the peg was restored, they made a lot of money.

Later, Ethena officially stated on X that USDe was safe and secure, and even the protocol made more money during the extreme market conditions — “Due to market turbulence and large-scale liquidations, the secondary market price of USDe fluctuated. We can confirm that the minting and redemption functions of USDe have always been operational without any downtime, and USDe remains over-collateralized. Due to liquidations, the contract trading price in the market has consistently been lower than the spot price. Since Ethena holds spot assets and shorts contracts, this unexpectedly generated more additional revenue for USDe. Therefore, due to the unexpected event, the over-collateralization rate of USDe will be higher than yesterday.”

No Need to Worry, Only a Few Can Profit, the Rest Are Just Fate

For those who missed last night's market movement (including myself), watching the above opportunities slip away might bring some envy or anxiety, but the reality is that only less than 1% of users could make massive gains, while over 99% of users woke up to face losses in their accounts.

In one night, nearly 20 billion USD was wiped out in the contract market, marking a night of massive wealth transfer and also a night when many users lost everything... In such extreme market conditions, what we can do is reduce risks and preserve our capital — after all, only by staying at the table can we play until the end.

Original Author: Odaily