According to @KobeissiLetter, total crypto market cap peaked near a record at $4.1 trillion around 9:30 AM ET before dropping to $3.3 trillion by 5:20 PM ET, erasing $800 billion in roughly 8 hours, a decline of about 19.5 percent intraday. Source: @KobeissiLetter on X, Oct 11, 2025. The move equates to an average $100 billion in market cap lost per hour, underscoring intense liquidation pressure and broad deleveraging across the crypto complex. Source: @KobeissiLetter on X, Oct 11, 2025. For traders, the scale and pace of the drawdown imply elevated intraday volatility and wider spreads, requiring tighter risk controls around leverage and liquidation thresholds in BTC and ETH until liquidity stabilizes. Source: @KobeissiLetter on X, Oct 11, 2025.