Crypto Market '10/10' Liquidations Explained: Geopolitical Triggers Amid Institutionally Backed Buying

On October 10, 2026, global crypto markets faced widespread liquidations totaling roughly $19 billion, with about 75% occurring around 9:00 p.m. ET. The event followed geopolitical shocks: China’s rare earth controls and the U.S. imposition of new tariffs. U.S. equities also plunged that day, with about $150 billion in liquidation versus crypto’s $19 billion. Richard Teng, co-CEO of Binance, noted the crypto market is smaller and affected all exchanges, though Binance supported users by facilitating orderly exits and is not considered the cause. Last year, Binance processed $34 trillion in trading volume with 300 million users, and there were no indications of massive account withdrawals. Despite short-term volatility driven by broader macroeconomic uncertainty and geopolitical tensions, Teng emphasized the sector’s long-term trend: retail demand is less active than in past years, while institutional and corporate inflows remain strong, with smart money continuing to deploy.