Analysts say leverage and crowded-position risks remain a year after the October 2025 crypto crash triggered roughly $19 billion in liquidations. Bitcoin plunged from around $122,000 to $105,000 on October 10, 2025, with much of the decline occurring within minutes. Open interest was near historic highs before the crash, and traders had accumulated bullish positions. Experts urge traders to avoid leverage, monitor market sentiment and derivatives data, and consider self-custody to protect holdings.