The Milk Road Show

Why Bitcoin Just Crashed Below $100K (And What Happens Next) w/ Delphi Digital

20 snips
Nov 14, 2025
Delphi Digital's analysts dive into the recent $30 billion wipeout in the crypto market, citing October 10th as a pivotal moment. They discuss the macro signals indicating market fragility and how volatility spikes are linked to Bitcoin price dips. The conversation explores where Bitcoin might find a new fair-value range and examines the impact of MicroStrategy's funding strategies. Insights on surviving coins during market stress and potential catalysts for reversing negative sentiment are also shared.
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ANECDOTE

Trader Reaction To October 10 Shock

  • Jason described aging three years after October 10 due to the event's unexpected violence.
  • He recalled it happened after markets closed and stemmed from an odd Trump tweet that caught traders off guard.
INSIGHT

October 10 Caused Massive Liquidity Shock

  • The October 10 liquidation evaporated $20–$30B of open interest and damaged many traders and market makers.
  • That wealth destruction created a prolonged period of thin liquidity and weaker bids across crypto.
INSIGHT

Macro Plumbing Stress Amplified Crypto Risk

  • Funding-market stress and higher secured overnight rates signaled plumbing problems that amplified market fragility.
  • Bond-market and credit-spread volatility reinforced a broader short-term risk backdrop for risk assets including Bitcoin.
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