Analysis: The "1011" crash forced market makers to hold large amounts of tokens, causing market liquidity to fall to its lowest point since 2022.

In its latest report, BitMEX pointed out that the crash on October 11, 2025, impacted market makers, forcing them to hold large amounts of cryptocurrency. This crash resulted in approximately $20 billion in cascading liquidations, severely damaging market makers' neutral strategies and causing market liquidity to drop to its lowest level since 2022. BitMEX stated, "When the ADL (automatic deleveraging) mechanism was triggered, forcibly closing out market makers' short positions used for hedging, these institutions were forced to hold unhedged spot positions during the rapid market decline. This situation broke the commitment of the perpetual contract's 'neutral strategy,' causing market makers to withdraw liquidity globally in the fourth quarter of 2025, thus bringing order book liquidity to its lowest level since 2022."