One year after the “10·11” Black Swan: Whether $BTC and $ETH can stabilize still depends on capital flows and leverage; the anniversary date itself is not a signal of a downturn.
At Beijing time on October 11, 2025, news that the U.S. would impose an additional 100% tariff on China shocked the market. Panic selling and low liquidity amplified the decline. Reuters reported that leveraged liquidations over that 24-hour period exceeded 19 billion USD. This was the value of positions forcibly closed, and should not be equated directly with capital outflows.
One year later, Binance’s price page showed the following at 01:16 and 01:20 Beijing time on October 11, respectively: $BTC at around 82,986 USD and $ETH at around 2,504 USD. Both were still seesawing near 83,000 and 2,500 USD.
U.S. spot ETFs diverged on Friday: $BTC saw net inflows of 21.1 million USD, while $ETH saw net outflows of 56.1 million USD, marking nine consecutive trading days of net outflows. From October 5 to 9, the two still recorded combined net outflows of 1.2211 billion USD.
My assessment: The funding picture for $BTC is showing initial improvement, while $ETH remains under redemption pressure. Last year reminded us that unexpected news can magnify declines through leveraged liquidations; today, sustained spot demand is needed to make a rebound more dependable.
Can ETF flows continue to turn positive next week and provide the rebound with funding support?
#bitcoin #Ethereum #加密市場
At Beijing time on October 11, 2025, news that the U.S. would impose an additional 100% tariff on China shocked the market. Panic selling and low liquidity amplified the decline. Reuters reported that leveraged liquidations over that 24-hour period exceeded 19 billion USD. This was the value of positions forcibly closed, and should not be equated directly with capital outflows.
One year later, Binance’s price page showed the following at 01:16 and 01:20 Beijing time on October 11, respectively: $BTC at around 82,986 USD and $ETH at around 2,504 USD. Both were still seesawing near 83,000 and 2,500 USD.
U.S. spot ETFs diverged on Friday: $BTC saw net inflows of 21.1 million USD, while $ETH saw net outflows of 56.1 million USD, marking nine consecutive trading days of net outflows. From October 5 to 9, the two still recorded combined net outflows of 1.2211 billion USD.
My assessment: The funding picture for $BTC is showing initial improvement, while $ETH remains under redemption pressure. Last year reminded us that unexpected news can magnify declines through leveraged liquidations; today, sustained spot demand is needed to make a rebound more dependable.
Can ETF flows continue to turn positive next week and provide the rebound with funding support?
#bitcoin #Ethereum #加密市場