The 10 October 2025 crash, trade by trade
On the evening of 10 October 2025 crypto had its largest liquidation day on record. Some of the best-known Hyperliquid traders were on opposite sides of it: The White Whale's longs were liquidated for $80.4M, while the Bitcoin OG Whale's shorts made $164.8M. Here is what each of them was holding, and what happened to it, from the fills.
That evening, minute by minute
- 14:57 Trump announces a 100% tariff on Chinese goods. (source)
- 20:20 Bitcoin's fall starts to accelerate. (source)
- 20:50 The liquidation cascade enters its most violent phase. (source)
- 20:52:54 Machi Big Brother closes ETH long #62, losing $10.4M on it.
- 21:13:34 The White Whale's ETH long on the ETH account is liquidated, losing $12.5M.
- 21:14:36 The White Whale's SOL long on the SOL account is liquidated, losing $19.8M.
- 21:14:36 The White Whale's SOL long on the Open3 account is liquidated, losing $21.5M.
- 21:15 $3.21B is liquidated across the market in 60 seconds. (source)
- 21:17:06 Hyperliquid's auto-deleveraging (ADL) starts force-closing profitable shorts: Bitcoin OG Whale's BTC and ETH shorts and the Arkham-labelled Andrew Tate wallet's BTC short are all cut in this second.
- 21:17:28 The White Whale's ETH long on the Main account is liquidated, losing $26.6M.
- 21:33:11 Bitcoin OG Whale's ETH short is fully closed, up $72.3M.
- 10-14 17:59 Bitcoin OG Whale closes the BTC short, up $92.5M.
All times UTC. Lines marked “source” are from public reporting; the rest are taken from the fills on this site.
Who was holding positions during the crash
| Trader | Position | Opened | Ended (UTC) | How it ended | Net P&L | |
|---|---|---|---|---|---|---|
| Machi Big Brother | ETH long | 10-02 | 20:52:54 | Closed by the trader | −$10.4M | Replay #62 Free |
| Machi Big Brother | ETH long | 10-10 | 21:13:20 | Closed by the trader | −$400K | Replay #81 Pro |
| The White Whale ETH | ETH long | 08-28 | 21:13:34 | Liquidated | −$12.5M | Replay #1583 Pro |
| The White Whale Open2 | SOL long | 09-22 | 21:13:39 | Closed by the trader | −$54.7K | Replay #1602 Pro |
| The White Whale SOL | SOL long | 09-12 | 21:14:36 | Liquidated | −$19.8M | Replay #1597 Pro |
| The White Whale Open3 | SOL long | 09-18 | 21:14:36 | Liquidated | −$21.5M | Replay #1601 Pro |
| Arkham-labelled Andrew Tate wallet | BTC short | 10-06 | 21:17:06 | Fully auto-deleveraged (ADL) | +$257K | Replay #98 Free |
| The White Whale Main | ETH long | 08-24 | 21:17:28 | Liquidated | −$26.6M | Replay #1575 Free |
| Bitcoin OG Whale 0x2ea1 | ETH short | 10-10 | 21:33:11 | Partly auto-deleveraged (ADL) from 21:17:06 | +$72.3M | Replay #3 Pro |
| Bitcoin OG Whale 0xb317 | BTC short | 10-09 | 10-14 17:59 | Partly auto-deleveraged (ADL) from 21:17:06 | +$92.5M | Replay #2 Free |
| The Altcoin Shorter | 7 positions (7 short), mostly altcoins | +$23.6K | Replay | |||
| The Funding Collector | 6 positions (6 short), mostly altcoins | +$24.1K | Replay | |||
Every position on this site that was still open at some point between 20:00 and 21:40 UTC on 10 October. Net P&L is for the whole position, from open to flat, after fees.
Two sides of the same minute
- The longs: The White Whale's 4 long positions were liquidated one after another between 21:13:34 and 21:17:28, losing $80.4M in total. Machi Big Brother closed an ETH long as the crash began and still lost $10.4M on it.
- The shorts: The Bitcoin OG Whale's two shorts made $164.8M together, but part of that was not closed by the trader: from 21:17:06 Hyperliquid's auto-deleveraging force-closed some profitable shorts to absorb liquidated longs. The short on the Arkham-labelled Andrew Tate wallet was closed entirely by auto-deleveraging.
- According to Hyperliquid co-founder Jeff Yan, it was the first time in more than two years that cross-margin auto-deleveraging had been triggered on the platform (source).
See it fill by fill
Every position in the table can be replayed on the chart fill by fill, including each add, trim, liquidation and auto-deleveraging fill. No sign-up needed for: The White Whale's liquidated ETH long, Machi Big Brother's ETH long, the auto-deleveraged BTC short.
Questions
What happened in the crypto crash of 10 October 2025?
That day Trump announced a 100% tariff on Chinese goods and crypto fell sharply in the evening. According to Coinglass, more than $19B was liquidated across the market in 24 hours, the largest on record.
How much did the “Bitcoin OG” insider whale make?
From the fills on this site, the BTC and ETH shorts made about $164.8M together, after fees. Media called the trader an “insider whale”, but there is no public evidence of inside information.
How much did The White Whale lose on 10 October?
The 4 long positions liquidated in the crash lost $80.4M in total.
What is auto-deleveraging (ADL)?
When liquidated positions cannot all be filled in the market and the insurance funds are not enough, the exchange closes part of the winning side's positions directly to offset them. Many profitable shorts on Hyperliquid were closed early this way that night.