Bitcoin Heads for Rare Red Year as October Crash Still Haunts Markets

Bitcoin is currently down 7% so far YTD, and it has only ended the year in the red in 2014, 2018, and 2022. All three were bear market years, and 2025 isn’t, leading analysts and experts to ask: Is something broken?

Many are specifically pointing at October 10, which saw BTC prices crash 10%, losing over $12,000 in a day or so in the industry’s largest leverage flush.

“WTF happened on October 10th? Exchanges are saying they are fine. Market Makers are saying they are fine,” asked analyst ‘Max Crypto’ who added that crypto prices feel like a few big entities are selling non-stop.

Did October 10 Break Crypto?

The October 10 calamity occurred coincident with record runs in gold and silver, both of which did have momentum, he said before adding, “I have never seen the fundamentals behind Bitcoin as strong as this year.”

Liquidity remains severely compromised, and market makers have become more cautious, not less, making this worse than before, he said.

Additionally, altcoins show no genuine recovery, bleeding whenever Bitcoin weakens without attracting new capital. This indicates money is exiting the market entirely rather than rotating between assets, contrary to what healthy market behavior would show.

Until liquidity, participation, and conviction come back together, rallies will feel fragile, and selloffs will feel fast, he said.

Is It All That Bad?

Analyst ‘CrediBULL Crypto’ opined that the event didn’t break anything.

They said that if the price bottoms in this region and continues to rise, “we will see traders come back to the market like they always do, and OI will begin to rise once more.”

Less leverage in the system is not a bad thing, “as it simply means this next rally is even more sustainable than the prior one.”

Bitcoin was trading down on the day, struggling to maintain momentum above $87,000 at the time of writing.

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