The crypto derivatives market experienced $15 billion in liquidations in 2025, highlighting significant structural price shifts rather than a systemic collapse, according to CoinGlass data. The total derivatives market volume reached $85.7 trillion, with perpetual swaps and basis trading as primary contributors. A notable event occurred on October 7, when Trump's tariff policy led to a $190 billion liquidation spike, predominantly affecting long positions. The volatility was exacerbated by ADL mechanisms during liquidity crunches, causing a downward spiral. The top four exchanges, which control 62% of the derivatives market, intensified the synchronized selling pressure.