Reconstructs the Oct 10, 2025 liquidation that erased >$19B in leveraged positions (≈$17B longs). On-chain and market-structure data showed stress well before the crash: BTC rallied from ~$109k to >$122k (testing ~$126k) between Sept 27–Oct 5, open interest rose from ~$38B to >$47B, leverage expanded rapidly, and exchange inflows dropped from ~68,000 BTC to ~26,000 BTC (supply stayed off exchanges). The piece compares this event with an April 2025 short squeeze and highlights specific early warning signals (on-chain metrics, leverage positioning, technicals) and synchronized, faster unwind behavior noted by Bitget’s CEO. Bitcoin dominance at press time was ~59.21%.

Article documents objective, market-moving facts: the Oct 10 event liquidated >$19B (≈$17B longs), open interest rose from ~$38B to >$47B ahead of the crash, leverage expanded rapidly, and exchange inflows fell from ~68,000 BTC to ~26,000 BTC—concrete signs of concentrated long risk and reduced sell-side liquidity. It also cites similar unwind dynamics in April 2025 and commentary on faster, synchronized liquidations, supporting a bearish short-term market interpretation.