CoinWorld news, on October 13, HTX DeepThink columnist and HTX Research researcher Chloe (@ChloeTalk1) stated that the recent market volatility was driven by global risk aversion triggered by Trump's reintroduction of tariff policies. Bitcoin began a steep decline at 5 AM, with a total liquidation amount across the network reaching $19.1 billion in 24 hours, setting a record for the largest single-day liquidation in cryptocurrency history. The VIX panic index surged 22% during the day, and the yield on the 10-year U.S. Treasury bond exceeded 4.8%. On-chain and macro liquidity contracted in sync, becoming the ignition point that crushed the high-leverage system. Deribit data showed that the bearish skew for BTC and ETH rose to an 18-month high, with implied volatility soaring to 82%, and market risk aversion reached extreme levels. Although there are still short-term downward risks, long-term funds are gradually returning. Chloe pointed out that this liquidation is not only a liquidity event but also marks the boundary of the industry cycle, with 'illegal stablecoins + high LTV collateral' becoming the core of risk penetration, and the vulnerability of USDe-like assets being amplified. She believes extreme panic may give rise to a bottom, as similar historical events (such as March 12, 2020, and the FTX collapse in 2022) have all become the starting point for the next bull market.

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