The first anniversary of the "1011 crash": Risks in the crypto market still exist, investors need to reasonably control leverage

A year ago, the "1011 crash" incident reported by CoinDesk led to an approximately US$19 billion in leverage in the crypto market, and now it has been a full year since the incident. In October 2025, Bitcoin quickly fell to US$105,000 after breaking through a historical high of US$126,000 in the short term, triggering a large number of leveraged bulls to centralize liquidation. Mark Connors, chief analyst at Risk Dimensions, emphasized that current short-term price fluctuations are still mainly dominated by derivative markets such as perpetual contracts, rather than the underlying trends reflected in on-chain data. Exchanges 'preference for highly leveraged products exacerbates systemic risks, leaving the market still facing the potential threat of flash collapse; in addition, the traditional four-year halving cycle has changed, and macroeconomic and policy factors have become key variables affecting the market cycle.