ChainCatcher reports, citing CoinDesk, that it has been one year since the “1011 crash,” which triggered approximately $19 billion in leveraged liquidations across the crypto market. Analysts warn that the underlying structural risks behind the flash crash remain.

In October 2025, Bitcoin suffered a sudden flash crash just days after reaching a record high of over $126,000, plunging from around $122,000 to $105,000 in a short period and triggering mass liquidations of leveraged long positions.

Risk Dimensions analyst Mark Connors noted that recent short-term price movements are still driven largely by derivatives such as perpetual futures, rather than on-chain data. Exchanges’ emphasis on highly leveraged products also means the risk of flash crashes has not been eliminated. In addition, the traditional four-year halving cycle has changed, with macroeconomic and political forces now playing a more critical role.

Hyperion Decimus co-founder Chris Sullivan advises traders to avoid excessive leverage and closely monitor open interest, funding rates, and market sentiment indicators. Long-term investors should withdraw their assets from exchanges and self-custody them.