The $19bn liquidation wave on 10 Oct triggered one of the sharpest leverage resets in crypto history. Yet onchain data shows that network activity remained stable, and in some cases more active, throughout the event. Across major chains, daily transaction counts and active addresses were broadly stable, while transfer volumes rose sharply. The figures point to a wave of capital reallocation rather than user capitulation.
Onchain Activity Remains Stable Despite Historic $19bn Liquidation Event
20 October 2025 - 14:29 CEST
Bitcoin and Ether showed the most 'institutional' behaviour in the aftermath. Daily transactions were little changed (+1.9 per cent and –2.2 per cent, respectively), but average daily transfer volumes increased (+7.7 per cent and +12.4 per cent). The divergence suggests that larger holders, custodians, and market-makers moved capital across venues or collateral channels as smaller participants temporarily paused activity. Both networks recorded modest declines in active addresses (–1.6 per cent BTC, –2.7 per cent ETH), reinforcing that interpretation.
Source: Coinmetrics
By contrast, mid-tier networks such as Cardano and XRP showed a more retail-driven profile. ADA’s average daily transfer volume jumped +35.7 per cent and XRP’s +19.4 per cent, alongside increases in both daily transactions and active addresses. These spikes likely reflect speculative flows or opportunistic inflows as traders rotated into smaller ecosystems.
Solana stood out for its stability. Daily transactions (+1.7 per cent) and transfer volume (+1.8 per cent) barely moved, suggesting the network’s activity base remained steady through the volatility, indicating operational resilience rather than reactive trading. Among major networks, Solana’s steadiness underscores how its core user base stayed engaged even during extreme market stress.
Source: Coinmetrics
Taken together, the data portray a crypto ecosystem that absorbed a large deleveraging shock without a meaningful drop in participation. The market's response was defined less by risk aversion and more by repostioning: participants shifted larger sums across chains rather than exiting altogether. The episode underscores how, even amid systemic stress, the market's structural activity has become markedly more resilient.
