The epic liquidation of 1.6 million people and 20 billion USD on "1011" has brutally swept through the global capital markets as the trade war restarts. No one expected that October 11, 2025, would be recorded in the annals of cryptocurrency history in such a tragic manner. By 8 AM on the 11th, the industry saw a liquidation amount exceeding 19.1 billion USD within 24 hours, with over 1.6 million people facing liquidation, both setting historical peaks in contract trading over the past decade. This disaster had long been foreshadowed. At 10 PM on October 10, Bitcoin quietly began its downward trend at a high of 117,000 USD. At that time, the news was calm, except for an unnamed whale on the Hyperliquid platform who dumped 1.1 billion USD, decisively opening short positions in Bitcoin and Ethereum. The market largely viewed this as just another routine leveraged operation by a whale, as there had been many whales that had previously gone to zero, and no one paid much attention to this 1.1 billion short position. At 5 AM on the 11th, an epic crash suddenly struck. The one-minute K-line for Bitcoin was a "death curve": within 30 minutes, it fell nearly 1% per minute without resistance, and at 5:19 AM, it plummeted over 4% in one minute, evaporating nearly 5,000 USD, ultimately dropping to 102,000 USD. This global commodity with a total market value exceeding 2 trillion USD plummeted 12% overnight. The delayed bad news finally emerged: Trump announced the restart of the trade war with China, imposing a 100% tariff starting November 1. But even with such explosive news, the losses could not be recovered; altcoins were already bleeding profusely: SUI dropped from 3.5 USD to 0.55 USD, the AI concept leader WLD collapsed from 1.4 USD to 0.26 USD, and even Dogecoin, among the top ten by market cap, was halved by 50%, with small-cap coins nearly wiped out. As retail investors cried out in despair during the liquidation, that whale who had positioned early had already completed their harvest. This market movement once again confirms: in the face of information asymmetry and capital power, ordinary investors are ultimately just driftwood in the waves. Respecting the market has never been mere empty talk.