Bitcoin’s $19 Billion Crash Turns One: Leverage Still Shapes the Market

On Oct. 10, 2025, only days after setting a peak above $126,000, bitcoin slid from about $122,000 to $105,000, and most of that drop took just minutes. Roughly $19 billion in leveraged positions were wiped out. Open interest sat near record levels, and many traders were loaded with long bets, expecting the four-year halving rhythm to carry prices much higher. Blockto analysts said the sell off came from derivatives, not onchain activity, and that nobody saw it coming.

Perpetual Futures and Crypto Leverage Today

Little has changed in how the market works. Perpetual futures still dominate trading, and exchanges earn plenty from offering leverage. Analysts believes another day like that remains possible, although clearer data on order books and positioning now helps traders read the market better.

Blockto says the cycle has shifted rather than disappeared, with economic and political forces gaining weight. Even with growing institutional products, derivatives still steer short-term price action, though the market itself survived.