The October 2025 crash wiped out a record $19 billion in leveraged bets in a single day and set off an industry-wide retrenchment. Twelve months later, the anniversary week’s forced selling came in at about one-nineteenth of that figure, Bitcoin remains more than 30% below its record high, and the leverage that powered the boom has not been rebuilt.

Traders added borrowed money into the 10/10 anniversary week rather than cutting it, which left them exposed when Bitcoin slid toward $80,000 and more than $1 billion in bets were forcibly closed.

The Anniversary Flush Was a Nineteenth of 2025’s

In the 24 hours to early Wednesday of anniversary week, $487.02 million in long positions were liquidated as Bitcoin fell 1.96%. That equals about $248…