The 8/10/2026 drop cannot be compared in magnitude to 10/10/2025. Last year was a historic flash crash with ~$19 billion in liquidations, a double-digit BTC price decline in an extremely short period, and infrastructure failures (stablecoins + liquidity). This year was just a routine deleveraging event, with around $1.1–1.2 billion in liquidations, a more modest price decline, and causes stemming mainly from macro factors + ETF flows.