According to The Kobeissi Letter, Bitcoin (BTC) set a record high near $126,272 (about $2.5 trillion market cap) on October 6, before a "mechanical" shift began around October 10 after former President Trump threatened 100% tariffs on China, coinciding with a broad crypto drawdown (source: The Kobeissi Letter on X, Nov 20, 2025). The post highlights October 6 and October 10 as key reference dates for traders to gauge regime change, headline sensitivity, and risk-off flows in BTC and the broader crypto market (source: The Kobeissi Letter on X, Nov 20, 2025).

According to @milesdeutscher, the selloff was a perfect-storm liquidation cascade driven by hidden leverage as traders rotated from spot to leverage over the prior month to chase perpetual DEX airdrops, elevating systemic risk despite muted altcoin euphoria, source: @milesdeutscher. According to @milesdeutscher, funding risk was obscured by hedged positions while altcoins were already bearish versus BTC and equities, creating a fragile setup, source: @milesdeutscher. According to @milesdeutscher, an underpriced tariff headline hit while equities were overbought and triggered a rapid open interest unwind across perps, source: @milesdeutscher. According to @milesdeutscher, mismatched underlying liquidity relative to market cap in many altcoins amplified slippage and forced deleveraging, accelerating liquidations, source: @milesdeutscher. According to @milesdeutscher, traders should avoid using leverage as a substitute for spot, reassess liquidity assumptions since market cap does not equal tradable depth, and prioritize survival over chasing returns, source: @milesdeutscher. According to @milesdeutscher, practical tactics include placing low stink bids on spot, closely tracking open interest and funding dynamics that can be masked by hedges, and recognizing that price levels do not equate to risk, source: @milesdeutscher.