crash

The author of "Rich Dad Poor Dad," Robert Kiyosaki, stated in a social media post that he warned in his 2013 book "Rich Dad's Prophecy" about the impending arrival of the largest stock market crash in history, which is now imminent.Kiyosaki indicated that for those who are prepared, the upcoming crash will present significant wealth opportunities, while for those who are unprepared, it will be a nightmare. He emphasized that he holds physical gold, silver, Ethereum, and Bitcoin, and plans to continue increasing his holdings as Bitcoin prices decline. Kiyosaki specifically mentioned that the total supply of Bitcoin will always be limited to 21 million coins, and that nearly 21 million are already in circulation. He believes that a market crash is the best time to buy quality assets at a discount.

Bubblemaps disclosed on platform X that Trove Markets has quietly refunded the KOLs who participated in the presale, while other presale participants suffered heavy losses. By monitoring wallets associated with the TROVE token deployer, it was discovered that one day after the token crash, $100,000 worth of USDC and $350,000 worth of USDT were transferred to a newly funded wallet. On-chain evidence and leaked chat records have now been obtained, proving that the project team has engaged in improper behavior by treating investors differently.After raising $11.5 million through an ICO in January, Trove stated that it would retain $9,397,403 to continue building PerpDEX on Solana. This move sparked strong dissatisfaction within the community, with the token price dropping over 95%, resulting in severe losses for ICO participants, who accused the team of a rug pull. According to community feedback, the project has issues such as "paying KOLs for promotion, with funds flowing to entertainment platform deposit addresses."

Binance Co-CEO Richard Teng stated at the Consensus HK conference that the "1011 crash" event was not triggered by Binance, but rather that all exchanges globally experienced large-scale liquidations. Approximately 75% of the liquidations occurred around 21:00 Eastern Time, accompanied by isolated issues such as stablecoin de-pegging and delays in asset transfers.Teng pointed out that on that day, the U.S. stock market's market capitalization fell by about $1.5 trillion, with stock market liquidations amounting to approximately $150 billion, while the total liquidations in the crypto market were about $19 billion, affecting all exchanges. Binance provided support to affected users, while other exchanges did not take similar measures. Last year, Binance's trading volume reached $34 trillion, with 300 million users, and data did not show any large-scale withdrawals from the platform.He added that the market is temporarily affected by geopolitical and interest rate uncertainties, but institutions are still continuously entering the crypto market, indicating that "smart money" is still positioning itself. Teng emphasized that long-term participants should focus on the fundamental development of the crypto industry; although retail demand is relatively subdued, institutional deployments and corporate participation remain strong.

The Financial Times published an article stating that Bitcoin may have experienced dozens of significant crashes, hundreds of crypto companies may have gone bankrupt, and countless individuals may have lost their life savings, but every time Bitcoin drops, it always rebounds. Those who are capable can hold on, and each rebound brings a cognitive memory that convinces people that the cryptocurrency they admire will exist forever. Since its inception, Bitcoin has been on a path destined to end in a tragic conclusion.This week, Bitcoin experienced its most severe crash since 2022, briefly falling to around $60,000, erasing all gains since Trump's 2024 re-election, and dropping more than half from its historical high of over $127,000 last October. According to Coinglass data, approximately $1.25 billion in Bitcoin positions were forcibly liquidated within just 24 hours from Thursday to Friday.The U.S. indeed has a leader closest to being a "Bitcoin president," and his family has interests in crypto assets. However, even with the establishment of a "strategic Bitcoin reserve," the pardoning of many convicted crypto criminals, allowing Americans to include crypto assets in their 401(k) retirement accounts, and claiming to have ended former President Biden's "crypto war" within 200 days of taking office, Trump's presence in the White House still cannot stop the selling pressure.We may not have truly seen the final "death spiral" of Bitcoin yet; I cannot predict when it will come. Judging the end of a speculative frenzy solely based on faith is very difficult, and Bitcoin may still have a few rebounds (as of writing, it has rebounded to around $70,000). But confidence is beginning to wane. People are starting to realize that an asset sustained only by fantasy has no fundamental value. Ask yourself: will this thing still exist in 100 years? Remember, "what matters is not how you fall, but how you land."

Bitwise CEO Hunter Horsley stated in an interview with CNBC, "Bitcoin has seen a double-digit drop in a single day and is currently in a bear market, down nearly 30% year-to-date. As for the reasons, I believe the current crypto market is being swept up by the overall macro environment, with investors selling off all liquid assets. Gold is down, the Nasdaq 100 is down, and Amazon is also being sold off. Over the past few months, there have indeed been some internal factors in the crypto space, such as operational disruptions at certain offshore trading platforms, but at this moment, crypto assets are trading more in sync with other highly liquid assets. I feel that long-term holders are experiencing uncertainty; meanwhile, newly entering institutional investors feel they are encountering a 'second chance,' seeing prices they once thought they had missed forever. I believe we are currently in a transitional phase. Ultimately, crypto assets remain a relatively small asset class, and most investors have not truly allocated to them yet. Therefore, the overall long-term outlook is very solid; it is just currently experiencing fluctuations and reversals during this transitional period."

According to Coinglass data, the Bitcoin Ahr999 indicator has dropped to 0.27, significantly below the "buying bottom line" (0.45). The last time this index fell to this level was on June 18, 2022, and again on November 22 of the same year, when the market experienced the "ETH crash liquidation" and "FTX explosion" events, respectively. Looking further back, it can be traced to March 16, 2020, the "316 crash" event.This indicator was created by ahr999 to assist Bitcoin dollar-cost averaging users in making investment decisions based on timing strategies. The indicator implies the short-term return rate of Bitcoin dollar-cost averaging and the deviation of Bitcoin's price from its expected valuation. Historically, the Ahr999 index has been below the buying bottom line (0.45) for 572 days.

According to Forbes, Bitcoin has recently experienced a significant pullback, raising concerns in the market about a new round of "deep declines" in crypto assets. Over the past week, the price of Bitcoin has dropped by about 10%, briefly falling below the $80,000 mark, with the latest low reaching $73,000, before slightly rebounding to above $75,000. Amid this sudden shift in market sentiment, CZ publicly stated that his confidence in the "super cycle" of Bitcoin in 2026 has significantly decreased.CZ mentioned that due to market panic (FUD), extreme liquidation events, and geopolitical uncertainties, the current environment will have "very high" volatility. The super cycle could still occur, but the probability has dropped to about 50%. Meanwhile, well-known investor and the inspiration for "The Big Short," Michael Burry, warned that Bitcoin's price could further dip to $50,000. He pointed out that if it falls to that level, Bitcoin mining companies may face severe financial pressure and even bankruptcy risks.Concerns about Bitcoin's weakness in the market have also intensified as funds accelerate their flow into traditional safe-haven assets like gold and silver. LMAX Group CEO David Mercer stated that the current market is experiencing "collateral tightening," with the speed of risk spreading outpacing the support system, leading to significantly amplified volatility. Analysts believe that against the backdrop of rising gold prices and crypto assets being revalued as "high-risk assets," Bitcoin's short-term performance will remain highly dependent on changes in the macro environment and market sentiment.

According to CoinDesk, Michael Burry, the real-life inspiration for the protagonist in "The Big Short" (who successfully predicted the 2008 financial crisis), has warned that the recent decline in Bitcoin could trigger a chain reaction across the entire market, particularly in the gold and silver markets.The plunge in Bitcoin may force institutional investors and corporate finance executives to sell up to $1 billion in gold and silver to offset losses incurred from cryptocurrencies. Michael Burry believes that Bitcoin's drop below $73,000 exposes its fragile foundations, and if the price falls to $50,000, it could threaten companies holding large amounts of Bitcoin and may even lead to the bankruptcy of some mining companies.Michael Burry asserts that Bitcoin has failed as a digital safe-haven asset or a substitute for gold, and the recent surge driven by ETFs is merely speculative behavior rather than a reflection of its lasting application in the real world.

10x Research posted on platform X that in the past 72 hours, gold, silver, and BTC have experienced significant price declines due to insider-driven repricing, macro shocks, and forced liquidations.10x Research pointed out that BTC is nearing strong support. The market is currently in a phase of changing risk-reward ratios and volatility compression, and 10x Research has proposed tactical positioning strategies for a rebound.

The author of "Rich Dad Poor Dad," Robert Kiyosaki, posted on X platform stating, "The gold, silver, and Bitcoin markets have just crashed (which means they are on sale), and I am holding cash, starting to buy more gold, silver, and Bitcoin while they are discounted."

CryptoQuant CEO Ki Young Ju posted on the X platform that the current decline in Bitcoin is mainly due to ongoing selling pressure and a lack of new capital. He pointed out that the Realized Cap has recently flattened, indicating that there has been no significant new capital entering the market. In this environment, if the total market cap declines, it typically does not belong to a bull market structure.Ki Young Ju further stated that due to the influence of ETF funds and continuous buying by Strategy, early holders still have significant unrealized profits and have gradually been realizing profits since early last year. Previously, strong capital inflows had supported Bitcoin around the $100,000 mark, but the related incremental capital has clearly weakened now. He believes that Strategy was one of the important driving forces behind this round of price increase, and if Michael Saylor had not significantly reduced his holdings, the market might struggle to replicate the approximately 70% level of deep retracement seen in previous cycles. Overall, the current selling pressure is still ongoing, the market bottom has not yet been clearly defined, but this round of the bear market is more likely to present a wide range of oscillation patterns.

Coinglass data shows that the total liquidation amount across the network has reached 2.5615 billion USD, setting a record for the highest single-day liquidation volume since the "1011 crash," with short positions liquidated at 154.7 million USD and long positions liquidated at 2.4068 billion USD.

OKX Star forwarded a screenshot of Zhao Changpeng's tweet on platform X and stated that he does not like debates because you can never wake up a person pretending to be asleep, but clarifying the facts is crucial:Bitcoin began to decline about 30 minutes before decoupling from the dollar. This confirms the previous point: the initial move caused a market shock. Without the dollar index leverage cycle, the market would likely have stabilized at that time. The chain sell-off was not inevitable; as previously mentioned, they were amplified by structural leverage.Dragonfly has never invested in OKX, whether through small or large investments.There will be no more time spent discussing topics related to the "1011 flash crash"; the facts are clear, and there is no desire for lengthy debates.

Coinkarma founder Benson Sun stated that Binance is indeed responsible for the crash on 1011, but the core issue does not lie with USDe, as the timeline does not match. The lowest point of the market crash was at 5:20, while USDe reached its lowest point of $0.65 at 5:54. The extreme de-pegging occurred 30 minutes after the market began to rebound, indicating that the extreme de-pegging of USDe was a secondary disaster rather than the trigger for the crash.Benson indicated that based on an analysis of extreme market conditions over the past six years, the price difference between Binance and other trading platforms during each extreme event has typically been within 5%. However, on the day of 1011, more than half of the cryptocurrencies had the lowest prices on Binance, with many deviations exceeding 50% or even 100%. Such a scale of price misalignment has not been seen in any previous black swan events. Additionally, at that time, the price of the same cryptocurrency in the USDT trading pair was significantly lower than that in the USD trading pair. This suggests that there was likely a problem with Binance's system at that time.If the point of failure was elsewhere, the most liquid Binance should not have the lowest prices. Furthermore, the withdrawal of liquidity by market makers is not the main cause. The public opinion expressed by OKX Star has sparked discussion, which is a good thing, but the focus may have been misplaced.

Zhao Changpeng CZ posted on X platform stating that he will try not to comment further on the topic of "Binance and the 1011 crash," as the data will speak for itself, and the timeline conflicts with the truth. He is glad to see that people are starting to understand the facts. Let others talk about it; the future will focus on his own work. There is still a lot of work to be done.

Dragonfly managing partner Haseeb Qureshi recently published a post regarding the viewpoint that "the market crash on 10/11 was triggered by Binance and Ethena." He stated that this narrative is difficult to establish in terms of timeline, market dissemination path, and evidence. He pointed out that the price of Bitcoin had already bottomed out about 30 minutes before the anomaly in USDe appeared on Binance, indicating that the causal relationship is clearly inverted. Additionally, the deviation in USDe price only occurred on Binance and did not spread to other trading platforms, which cannot explain the large-scale liquidation across the entire market and is fundamentally different from events like Terra that caused global balance sheet shocks.Haseeb believes that a more reasonable explanation is the combination of multiple factors: Trump's tariff comments disturbed the market on Friday evening, the Binance API anomaly prevented market makers from hedging across platforms, liquidation and the ADL mechanism amplified volatility, and the lack of traditional financial-style circuit breakers and self-stabilizing mechanisms in the crypto market ultimately caused the market to evolve along an unfavorable path. He emphasized that there is no simple and conspiratorial "single culprit" for 10/11; although the market suffered a heavy blow, it has not been permanently damaged in the long run and only needs time to restore liquidity and confidence.

Due to the rapid pullback of spot silver prices from their highs, tokenized silver futures have become the largest clearing asset in the crypto market over the past 24 hours, unusually surpassing Bitcoin, triggering a wave of cross-market leveraged liquidations. The largest single liquidation occurred on the Hyperliquid platform, where a highly leveraged XYZ:SILVER-USD position worth $18.1 million was forcibly liquidated due to severe price fluctuations.Analysis indicates that this round of abnormal liquidations is primarily due to a significant pullback following the previous rapid rise in silver prices, coupled with exchanges raising margin requirements for precious metal futures, which has exacerbated short-term price volatility as high-leverage positions are passively deleveraging. The market is focused on whether precious metal prices can stabilize in the future and whether the liquidation spotlight will return to core assets such as Bitcoin and Ethereum.

Solana co-founder Toly posted that if we are lucky, the 1011 market crash may open a 18-month bear market, using this time to build something new for the crypto space.

Binance co-CEO He Yi responded on social media to comments from OKX CEO and Wintermute founder regarding the crypto flash crash on October 11: "The whales trading on Binance are more aware of what happened when the tide recedes and have more authority on the facts. PS: I found out this morning that it wasn't a sunny day, it must be because of Binance."Previously, OKX CEO Star stated: "The crypto flash crash on October 11 was caused by Binance's irresponsible USDe financial activities." Wintermute founder remarked: "The crypto flash crash on October 11 was clearly not a 'software failure'; it is unreasonable to place all the blame on one exchange."