Exactly one year ago today, bitcoin dropped from about $122,000 to $105,000 in a matter of minutes. The anniversary arrives with the market on shaky footing again, per CoinDesk and Decrypt.

📌 The news

$BTC touched $80,427 on Thursday, its lowest level since early September, then bounced to roughly $82,800 on Friday. It is still about 4% lower on the week, and ether has lost around 9% over the same stretch.

The October 10, 2025 crash hit during thin Friday evening trading in the US, only days after bitcoin had printed a record above $126,000. Roughly $19 billion in positions were wiped out that day, the largest liquidation event on record.

🔍 Why it matters

• Leverage had been quietly rebuilding while bitcoin ranged between $83,000 and $87,000

• Per CoinDesk, about $1.09 billion was liquidated in 24 hours this week, and around 85% of it hit longs

• Funding is still positive and the long/short ratio sits near 1.85, so the crowd is leaning long again

📊 The numbers

• US spot bitcoin ETFs lost $484.9 million on Wednesday, the worst day since late June, per Decrypt

• Another $244 million left on Thursday

• Bitcoin futures open interest is about $27.1 billion, slightly lower on the day, per CoinDesk

⚖️ Bull vs bear case

Bull: this week's flush was a fraction of last year's, and a rebound with no fresh leverage behind it is healthier than a squeeze.

Bear: ETF demand is fading, Treasury yields are high, and a Myriad market gives 67% odds that BTC trades at or below $80,000 before the month ends.

👀 What to watch next

• Weekend liquidity, because thin markets turned a dip into a crash last year

• September CPI data on October 14, which Bitfinex analysts see as a possible range breaker

━━━━━━━━━━━━

💡 My take: In my view the date itself means nothing, but the lesson still applies. Leverage in a thin market is what made last October so violent, and positioning is tilting long again this week.

💬 What did last October's crash change about the way you trade?

#Bitcoin #CryptoMarket #Leverage