One year ago today, on October 10, 2025, the biggest liquidation event in crypto history tore through the market. Bitcoin fell from about $122,000 to about $105,000 in hours. Roughly $19 billion in borrowed positions were closed. The trigger was a tariff headline. The cause was older than any headline.
Borrowed conviction breaks the same way every time. A position held on margin is a claim on money not yet earned, the future spent early. When price moves against it, the exchange does the choosing for you. That sale is not a decision. It is an eviction. Twenty minutes of forced selling did what no argument about sound money ever could.
A year on, Bitcoin trades near $82,600, well below where it stood that night. Sound money never promised a schedule. It promised the rules would not change underneath you. That is the one promise the borrowed never got.
Borrowed conviction breaks the same way every time. A position held on margin is a claim on money not yet earned, the future spent early. When price moves against it, the exchange does the choosing for you. That sale is not a decision. It is an eviction. Twenty minutes of forced selling did what no argument about sound money ever could.
A year on, Bitcoin trades near $82,600, well below where it stood that night. Sound money never promised a schedule. It promised the rules would not change underneath you. That is the one promise the borrowed never got.
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