Bitcoin’s bear-market turn can be traced to Oct. 10, 2025, a session widely described as the largest crypto derivatives liquidation event on record, with roughly $19 billion in futures positions forcibly unwound as prices slid sharply off their highs. CryptoQuant contributor Darkfost argues the damage was structural as much as directional: open interest fell by about 70,000 BTC in a single day, wiping out months of leverage build-up and leaving speculation struggling to re-form. He claims that the Oct. 10 flush was “really the one that pushed BTC into a bear market” because of the speed and magnitude of liquidity destruction in futures. Why October 10 Was The Bitcoin Bear Market Beginning Darkfost pointed to a collapse in open interest measured in BTC terms. “In a single day, around 70,000 BTC were wiped out from Open Interest, bringing it back to its April 2025 levels,” he wrote. “That’s the equivalent of more than six months of Open Interest accumulation erased in one session. Since then, Open Interest has been stagnating and struggling to rebuild.” Related Reading: Bitcoin Bear Market Signal Emerges: Supply in Loss Rises Above 40% The implication is less about the specific catalyst for the selloff and more about market structure after it. In Darkfost’s telling, the Oct. 10 event wasn’t just a price move; it was a sudden reduction in the market’s capacity to carry leverage, which tends to compress speculative activity across the complex. “Liquidity destruction in an already uncertain crypto market environment is not conducive to a return of speculation, which is nonetheless a key component of the crypto market,” he added. That view resonated with Bitcoin Capital, which replied that “nothing has been the same after 10/10,” adding that “it actually feels like something broke.” Darkfost’s response was blunt about the path back: “It needs to be rebuilt and it can takes months …” In a follow-up post, Darkfost widened the lens beyond derivatives, describing an environment where spot participation has also cooled. He said Bitcoin is entering a fifth consecutive month of correction, with the October 10 event as a major driver due to its impact on futures liquidity, but “not the only factor at play.” Related Reading: 70% Bitcoin Crash Incoming? CryptoQuant CEO Says It Depends On This He flagged broader liquidity pressure via stablecoin flows and supply. According to his figures, stablecoin outflows from exchanges have coincided with an approximate $10 billion decline in aggregate stablecoin market capitalization over the same period, an additional headwind for risk-taking, particularly when leverage is already being de-risked. Spot volumes, he argued, tell a similar story of disengagement. Since October, BTC spot volumes have been cut roughly in half, with Binance still holding the largest share at $104 billion. He contrasted that with October levels when Binance volume “had nearly reached $200B,” alongside $53 billion on Gate.io and $47 billion on Bybit. Darkfost characterized the contraction as a return to “levels among the lowest observed since 2024,” and read it as weaker demand rather than simply a lull in activity. The current setup, he wrote, “remains uncertain and does not encourage risk-taking,” arguing that a durable recovery would require monitoring liquidity conditions and, “above all,” seeing spot trading volumes return. At press time, Bitcoin traded at $78,723.
Dogecoin Price Momentum Oscillator Drops To Levels That Triggered Previous 21,000% Rally
Crypto analyst Trader Tardigrade has drawn attention to a previous pattern that formed for the Dogecoin price just before it recorded 21,000% rally. Based on this, he raised the possibility that the meme coin may be preparing for another parabolic rally despite the recent downtrend. Dogecoin Price Momentum Oscillator Decline Points To Parabolic Rally In an X post, Trader Tardigrade highlighted the Dogecoin price weekly chart, while noting that the Price Momentum Oscillator (PMO) has dropped to levels that triggered past rallies. DOGE notably surged 21,000% between 2015 and 2018 and 800% between 2022 and 2024, when the PMO declined to its current levels. Related Reading: Dogecoin Price Just Confirmed A Reversal With The RSI Divergence As such, the Dogecoin price could again record a significant surge if history repeats itself. The analyst’s accompanying chart showed that the meme coin could rally just above the psychological $1 level this time around. This will mark a new all-time high (ATH) for DOGE, with its current ATH at $0.73. This bullish Dogecoin price prediction comes amid a recent crypto market decline, with DOGE falling to the $0.10 support level. Trader Tardigrade suggested that the decline might mark the bottom for the leading meme coin, as he highlighted an ascending triangle forming on the 4-hour chart. Crypto analyst Crypto GVR stated that the chart is showing clear signs of a Dogecoin price reversal. The analyst predicts that DOGE could rally to between $0.3 and $0.5 in the long term. Meanwhile, crypto analyst Top Gainer noted that the Dogecoin price is currently in an accumulation zone, which could trigger a surge for the leading meme coin. He predicts that DOGE could record a big breakout, which would send its price to $1. DOGE Could Be Targeting The $0.13 Zone Crypto analyst Bitcoinsensus indicated that the Dogecoin price could be targeting the $0.13 zone for a breakout. This came as the analyst noted that DOGE has confirmed a bullish MACD print on the 4-hour timeframe, with the meme coin now rebounding. He added that if this bullish momentum persists in the crypto market, then Dogecoin could target its last pivot high. Related Reading: Dogecoin Price Is Following This Bullish Signal With A Major Target Commenting on the current Dogecoin price action, crypto analyst CryptoCeek noted that the brief drop below $0.10 led to a classic panic flush. DOGE may be looking to rebound, but the analyst warned that a rejection at the $0.12 price level could lead to a deeper crash to $0.08. However, if the meme coin breaks above this level, then it could rally to $0.16 in the short term. At the time of writing, the Dogecoin price is trading at around $0.1070, up over 5% in the last 24 hours, according to data from CoinMarketCap. $DOGE
