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312/519/1011 Review
312 (Black Thursday)
Characteristics of the typical decline list:
BTC: Maximum single-day/two-day decline ~40-50% (from ~7900 to ~3800)
ETH: Decline ~40-55%
Most altcoins: 50-80%+, some leveraged products or small coins nearly wiped out.
Total liquidation over $2-3 billion across the network, market structure temporarily collapsed.
519 (Chinese regulatory crackdown)
Characteristics of the typical decline list:
BTC: 24h decline ~30-34% (from ~44k to ~29k)
ETH: Decline ~40%+
Altcoins/Alts: Generally 50-80%, some high leverage/DeFi tokens 70-90% or more.
The actual loss scale on that day set a record at the time (Glassnode data over $2.5 billion).
1011 Event Review
BTC: Decline from approximately $117k-$122k high, briefly spiked down to $101k-$102k, maximum decline 13-17% (some periods with 24h decline over 20%)
ETH: Decline 16-40%+
Altcoins/Alts generally 30-60%, some small coins/Meme tokens 80-90%+ or nearly zero.
Liquidation amount: about $19.1-$19.3 billion (record high), far exceeding the scale of around $3 billion in 312 and the scale of 519, affecting over 1.6 million accounts (long positions account for 85-90%).
Trigger factors: Trump suddenly announced a 100% tariff on China, escalating trade war, triggering global risk aversion and chain liquidation (USDe cycle loans, Hyperliquid and other platforms heavily affected). Some exchanges' API failures/ADL mechanisms worsened the flash crash.
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