Crypto market suffers record $19B liquidation after Trump’s China tariffs trigger global sell-off
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Daily top performer — Synthetix (SNX)
The S&P 500 fell 2.4% last week, now 3% below record highs, as tariff fears and the U.S. shutdown weighed on sentiment. Gold slipped below $4,000 as Trump’s China tariff threats sparked a market selloff and reduced safe-haven demand. CoinDesk Indices, which track the broader crypto market, rose 7.10% in the past 24 hours, while Bitcoin and Ether up 4.24% and 10.76%, respectively. Trade these markets and more with up to 500x leverage on Bybit MT5 using this link.
Today’s top performer is SNX, up 76.6%, after Synthetix announced a $1M mainnet trading competition featuring depositor and lottery entry slots.
Synthetix (SNX), founded in 2017, is a DeFi protocol that issues synthetic assets backed by SNX, enabling trading of commodities, fiat, stocks, and crypto. Governance is handled by three DAOs managing upgrades, proposals, and development. Synthetix is holding a $1,000,000 mainnet trading competition, with entries closing Oct 13. The top 30 sUSD and sUSDe depositors get guaranteed spots, while others can earn lottery entries for every $1,000 deposited. Winners will be drawn live on Discord.
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Talk of the town
The crypto market suffered a record $19 billion liquidation in 24 hours after President Trump announced it is thinking of enacting new 100% tariffs on China in November 2025, sparking a global sell-off. Bitcoin fell over 12% from its $125K peak to below $113K, briefly touching $102K. With Bitcoin’s key support now at $100K. Market sentiment has flipped from greed to fear, though some see the crash as a major buying opportunity.
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Bitcoin spot ETF flows
Date | GBTC (M USD) | Non-GBTC (M USD) | Total (M USD) |
06 October 2025 | 0.0 | 1,205.2 | 1,205.2 |
07 October 2025 | (28.6) | 904.2 | 875.6 |
08 October 2025 | 0.0 | 440.7 | 440.7 |
09 October 2025 | (45.5) | 243.3 | 197.8 |
10 October 2025 | (19.2) | 14.7 | (4.5) |
Total (weekly) | (93.3) | 2,808.1 | 2,714.8 |
Current Total (from inception): | (24,200) | 86,931 | 62,731 |
BTC spot ETFs saw $2.7B in net inflows last week, led by $2.8B into non-GBTC funds while GBTC recorded $93M in outflows.
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Airdrop to watch
Aster’s Stage 2 Airdrop Checker is live, resolving previous allocation issues. Users can now see updated allocations, with some receiving 2–3x more tokens. If there are still discrepancies, a form can be submitted by Oct 14, 12:00 UTC. Trading fee refunds will also be processed earlier than planned, by Oct 15, 23:59 UTC.
Check out the latest prices, charts, and data of ASTERUSDT perp and ASTER/USDT spot contracts!