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October was supposed to be bullish. You know, Uptober? Instead Bitcoin dropped from $126K to $104K. In 24 hours, $19 billion in leveraged positions evaporated. According to Coinglass, 1.6 million traders got liquidated.
But here’s what’s weird: institutions kept buying while everyone panicked.
And now November looks like it could actually reverse everything.
What Happened on October 10
Trump tweeted about 100% tariffs on China. Rare earth export controls. The whole thing spiraled.
Markets didn’t care that this was about geopolitics. All they cared was that uncertainty spiked. Risk assets got sold. Crypto took the hit hardest.
The crash wasn’t even about crypto fundamentals. It was pure macro panic. Traders with leverage got margin called. One domino hit another. $19 billion liquidated in 24 hours.
Pretty brutal. This was the largest single-day liquidation in crypto history – 19 times bigger than the FTX collapse.
But here’s the thing: if you look at the mechanics of what happened, it’s always the same story. Leverage unwinds. Positions cascade. Panic sells. It’s predictable. Preventable.
The traders who died were the ones who borrowed money. The ones who held on cold storage? They’re fine. In fact they’re up since October 10.
But Then October 30 Happened
Trump met Xi in South Korea. Literally two hours later, tariff deal done. 57% becomes 47%. Rare earth threat disappears.
Suddenly the existential fear is gone.
Bitcoin bounced. Markets normalized. Nobody’s getting liquidated today.
And for the first time in weeks, people started asking: “Wait, what’s actually happening in November?”
So Why November Actually Matters
There’s this thing nobody’s talking about. XRP.
The SEC lawsuit against Ripple ended. XRP was legally confirmed to NOT be a security. And now 11 different companies have filed for XRP ETF approval.
Polymarket says 99% chance one gets approved by year end. Bloomberg analysts: 95%.
Do you get what that means? When an ETF gets approved, pension funds can finally buy it. Insurance companies. Your 401k manager. Billions unlock.
XRP is at $2.63 right now. When the ETF drops, that number is probably not staying there.
And when one alt gets a catalyst like that, Bitcoin usually follows. It’s not the fundamentals. It’s just how markets work. A big bet wins. People FOMO in. Capital flows.
The Fed Thing
Powell said December rate cuts aren’t “foregone conclusion.” Markets heard that as “no cuts.” Probably overreacted.
But the point is: nobody knows. November 15 we get CPI. November 27 we get PCE. These numbers decide if December has a cut.
Lower rates = Bitcoin happy.
That’s probably the real November story anyway. XRP is just a cherry on top.
What I Actually Think
October was a political event that people blamed on crypto. But crypto was just collateral damage.
The traders who got rekt were the ones who borrowed money. The ones who held on cold storage are fine. In fact they’re up.
I spent the last three weeks thinking about this. The difference between survivors and the wiped out? Position sizing. Not using leverage. Having a backup plan.
November looks different because the fear is gone. Tariffs are manageable. XRP has a real shot at an ETF. Rates might drop.
If you want to stay updated on how this actually plays out, FOLLOW ME.
I Watched 1.6 Million Traders Get Liquidated. Here’s What’s Coming Next. was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.