On October 10, 2025, crypto suffered its biggest liquidation day ever, as more than $19 billion in leveraged bets were wiped out in a single Friday evening. A year later, the market has split in two: Bitcoin and Ether have rebuilt the safety net that failed that night, while most other coins haven’t. Here’s what changed, why it matters even if you only own a little crypto, and the risks that are still sitting in plain sight.

What Happened on October 10

Days before the crash, Bitcoin had hit a record above $126,000. Then tariff announcements landed during thin U.S. Friday-evening trading, and prices fell hard. Bitcoin dropped below $105,000 intraday.

The real damage came from leverage, which means borrowing money to make a bigger bet….