Bitcoin is heading into a rare red year as the October crash continues to haunt the markets

Bitcoin is gearing up to end the year in the red, which will be only the fourth year in history that this has been the case.

Many point specifically to October 10, when BTC prices fell 10%, losing more than $12,000 in a day during the industry’s largest debt wave.

“WTF happened on October 10? The exchanges say they are doing well. Market makers say they are doing well,” asked analyst ‘Max Crypto’, who added that crypto prices feel like a few large entities are selling non-stop.

“This really started to look like a Luna event, when everyone said we were doing well, and it ended terribly.”

WTF happened on October 10?

The exchanges say things are going well.
MMs say they are doing well.

And crypto prices feel like a few large entities are selling non-stop.

This was really starting to look like a Luna event as everyone said we were doing well and it ended terribly. pic.twitter.com/D9RNefKgT7

— Max Crypto (@MaxCrypto) December 23, 2025

Did October 10 Break Crypto?

“October 10 was the pivotal moment where we are today, and the overhang of ‘Crashtober’ still haunts us,” said investor George Bodine.

The Oct. 10 disaster coincided with record runs in gold and silver, both of which had momentum, he said, before adding: “I have never seen the fundamentals behind Bitcoin as strong as they are this year.”

“October 10 wasn’t all ugly – it exposed problems that still haven’t been resolved, which is why the market feels so bad even now,” said crypto analyst Scott Melker.

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

Moreover, altcoins show no real recovery, and bleed when Bitcoin weakens without attracting new capital. This indicates that money is leaving the market completely and not rotating between assets, contrary to what healthy market behavior would show.

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“On October 10, something psychologically broke. It reminded everyone that this market could still… fall apart. And once that realization sets in, behavior changes for a long time.”

Until liquidity, participation and conviction come together again, the rallies will feel fragile and the sell-off will feel rapid, he said.

Is it all that bad?

Analyst ‘CrediBULL Crypto’ thought that the event did not break anything.

“It was a huge deleveraging though, and we can see the joint OI [open interest] It has been bleeding ever since – which means that confidence in the positioning through perpetrators has certainly taken a hit.”

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

Less influence in the system is not a bad thing, “because it simply means that this next rally is even more sustainable than the last.”

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