One year after crypto’s worst single-day wipeout, the market has cooled. But the risk that made it so painful has not fully disappeared.
On Oct. 10, 2025, more than $19 billion in leveraged bets were liquidated in a single day. Bitcoin has since struggled to recover and remains more than 30% below its all-time high.
For Julia Zhou, president of crypto market maker Caladan, the bigger problem last October was not the size of the losses. It was how fast buyers and sellers vanished when the market needed them most.
Traders are now more aware of the risks, she told Bloomberg. But she warned that the market is still “highly fragmented” and that liquidity “can still deteriorate rapidly.”
