What happened on October 10th? $19 billion worth of crypto assets were completely wiped out in a historic liquidation wave. What exactly was hidden behind this unprecedented market turmoil? Some analysts have provided their interpretations — market participants' leveraged positions were liquidated in a very short period, triggering a chain reaction. This is not just a numbers issue. When such a massive amount of capital experiences directional outflows in a short time, the entire market's pricing mechanism is disrupted. From forced liquidations in the futures market, to plunges in spot prices, to risk exposures on DeFi lending platforms, each link amplifies this shockwave. This event also taught traders a lesson: in high-leverage games, moments of liquidity exhaustion are often the most dangerous.