October 10th, 2025, marked a seismic moment for digital assets – the largest liquidation event in the history of crypto. Nearly $20B in positions were wiped out in hours, sending shockwaves across majors and alts alike.

Colin Farrell (Senior Manager, Institutional Coverage) sits down with Griffin Sears (Head of Derivatives) to unpack what actually happened on “Crypto’s Black Friday” – and what it means for traders, funds, and the broader market structure going forward.

From cascading liquidations and leverage loops to the resilience of institutional buy-the-dip flows, the two explore why this wasn’t just another flash crash – and how it could reshape risk management across exchanges, OTC desks, and traditional venues.