Quick overview

Live BTC/USD Chart

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Bitcoin has only finished the year lower in 2014, 2018, and 2022, and it is currently down 7% YTD. Since 2025 isn’t like the previous three bear market years, analysts and experts are asking, “Is something broken?” Many specifically point to October 10, when Bitcoin prices plummeted 10%, losing over $12,000 in a single day in the biggest leverage flush in the industry. ”

What happened on October 10th? According to exchanges, everything is OK. Analyst “Max Crypto” questioned, “Market makers are saying they are fine,” adding that it seems like a few large companies are constantly selling cryptocurrency.

Investor George Bodine stated, “The overhang of ‘Crashtober’ still haunts us, and 10 was the pivotal moment to where we sit today.” “I have never seen the fundamentals behind Bitcoin as strong as this year,” he said, adding that the October 10 disaster coincided with record runs in gold and silver, both of which had momentum.

Furthermore, altcoins do not recover; whenever Bitcoin declines without attracting new investment, they bleed. Contrary to what would be expected from healthy market behavior, this suggests that money is leaving the market entirely, rather than shifting between assets.

However, it was a significant deleveraging event, and since then, aggregate OI [open interest] has been declining, indicating that confidence in positioning through perps has undoubtedly suffered.

They predicted that “we will see traders return to the market as they always do, and OI will begin to rise once more” if the price bottoms in this area. “This next rally is even more sustainable than the previous one, so less leverage in the system is not a bad thing.”