BTC Drops 34% from Its 2025 High as the 1011 Crash Enters Its First Year

On-chain data shows that on this day last year, the crypto market suffered an epic crash, with approximately $19.2 billion in liquidations across the network in a single day, affecting over 1.65 million investors and setting the record for the most devastating single-day清算 in history—comparable to the 2020 "3/12" black swan event. For Bitcoin, the price peaked at around $125,000 before the crash, dropping to a low of $105,900 on the same day—a decline of over 13%. Ethereum fell 22% in a single day, while SOL plunged by 37%. One year later, BTC is currently trading at approximately $82,679, representing a cumulative drawdown of about 34% from its peak at that time. In terms of total market capitalization, the peak in October 2025 reached around $3 trillion (with non-Bitcoin market cap hitting a historic high of $1.77 trillion on October 7). The current global crypto market cap stands at approximately $2.81 trillion, with a 24-hour trading volume of about $43.3 billion—slightly below the peak but still demonstrating overall resilience. Looking back, the primary catalyst for the "10/11" crash was a cascade of liquidations triggered by excessive leverage accumulated at the bull market peak, compounded by profit-taking and leveraged liquidations that created a domino effect.