What Bitcoin Did Market Chaos: Is the Bitcoin Bull Run Over? | Checkmate
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Oct 13, 2025 Checkmate, a renowned Bitcoin on-chain and macro analyst, joins to dissect the recent market chaos. He reveals how a staggering $20 billion in liquidations was triggered by cascading leverage and the exit of market makers. Discussing Bitcoin's strength, he argues it's becoming a key macro indicator despite short-term volatility. Checkmate explores the decline of altcoins, the emergence of new Bitcoin maximalists, and critical price levels that could dictate future market behavior. His insights highlight Bitcoin's resilience and evolving market dynamics.
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Lessons From Past Blow-Ups
- Many long-term crypto participants learned painful lessons from earlier blow-ups like FTX and bad trades.
- Checkmate and others repeatedly warn: once you 'touch the stove' don't touch it again.
Leverage Cascades Drive Crypto Carnage
- Big deleveragings happen in crypto and can cause huge cascades when open interest is large.
- Bitcoin's daily chart hasn't set a new lower low, so its structure is stronger than many altcoins.
Liquidity Vanished When Market Makers Exited
- When market makers widen spreads and then 'walk away' the order book can evaporate, producing flash crashes to zero.
- Altcoins lacked bids and experienced extreme wicks when market-making algorithms shut off.