How severe was the crash in October? The liquidation volume within 24 hours reached as high as $19.1 billion, with 87% coming from long positions, and 1.62 million traders were liquidated instantly. This was not just a normal market correction, but a concentrated purge of the leverage ecosystem in the crypto space.

The cause is clear—expectations of tariffs triggered negative sentiment that overwhelmed the market, but what is the deeper logic? The fragile long positions built on high leverage finally couldn’t hold up. Speculators relying on borrowed coins to amplify gains were ruthlessly eliminated, and funds began to flow back into core assets like Bitcoin and Ethereum. The market’s stability was actually reinforced through this cleansing process.

It sounds like a bad thing, but from another perspective—this deleveraging process is actually clearing obstacles for the subsequent upward cycle. Fragile speculative positions are being weeded out, leaving behind more resilient holdings. But this is only the first step. The real 2026 bull market will arrive only with the support of a loose macro environment, regulatory expansion at the policy level, and continuous institutional capital inflows—three conditions that are all indispensable.

So, this crash is like a deep squat to gather strength. The purpose of the squat isn’t to stay there, but to jump higher. When these conditions are gradually in place, the true opportunity may finally arrive.