Odaily Planet Daily reported that Matrixport pointed out in a market report released on October 13 that Trump's remarks on imposing a 100% tariff on China triggered a historic plunge in the crypto market, and this impact coincided with high leverage and overheated market sentiment.

The report states that the price drop triggered a chain reaction of automatic liquidations on decentralized exchanges (DEXs), further amplifying selling pressure due to tight liquidity and insufficient trading volume. During this period, Ethereum's funding rate plummeted to -39%, one of the sharpest corrections in recent years, and overleveraged positions in the market were nearly completely eliminated.

Matrixport stated that this round of "capitulation selling" is of historic significance. It not only marks the end of the high leverage cycle, but also completely reshapes the current position structure of the crypto market.