The Milk Road Show

Last Big Dip Before ATHs? Rate Cuts, Trade Deals & Bitcoin Supply Shock w/ Julio Moreno

Oct 20, 2025
Join Julio Moreno, Head of Research at CryptoQuant and on-chain data expert, as he dives into the aftermath of an unprecedented $20 billion liquidation event in Bitcoin. He explores the surprising price resilience despite massive sell-offs and assesses the impact of spot demand and institutional accumulation. Julio discusses key macro drivers, including potential Federal Reserve rate cuts and US-China trade clarity, that could influence Bitcoin’s trajectory as we approach 2025. Will the market brace for a final dip before hitting new all-time highs?
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INSIGHT

Bearish On-Chain Signals Preceded The Flush

  • On-chain indicators turned bearish after the Oct 10 liquidation and signaled rising risk before the macro catalyst hit.
  • Indicators flagged overheating and slowing momentum ahead of the trade-tariff announcement.
INSIGHT

Largest Dollar Liquidation Came From Perpetuals

  • The Oct 10 event was a record dollar-value liquidation concentrated in perpetual futures for BTC and ETH.
  • About $20B of open interest closed in one day, driven mainly by long liquidations and some short squeezes.
INSIGHT

Price Held Because Market Is More Mature

  • Despite the $20B wipeout, price held much higher than past-cycle floors, showing deeper market liquidity and maturity.
  • That resilience reflects different buyers now, not just crypto natives.
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