On October 11th of last year, this media published a column titled “Black Swan Sweeps the Crypto Market… Self-Destruction Caused by Leverage Greed,” vividly documenting the panic that shook the market at that time. In response to the plunge triggered by President Donald Trump’s explosive remarks about “100% tariffs on China,” this media warned that “this is not merely a price correction, but a collapse caused by leverage civilization itself,” and predicted that “the next black swan will come even faster and deeper.”
The actual situation at that time was indeed chaotic. In just one day, market capitalization evaporated by $1.1 trillion, with Bitcoin plummeting from $125,000 to $85,000. 1.64 million traders were liquidated, and the market even once saw a “doomsday theory.”
However, as time has passed, at the dawn of 2026, the market is proving that the pessimistic tone back then was indeed “excessive panic.” A calm review shows that the October crash was not a fundamental collapse but a temporary spasms of the “market microstructure.” It was merely a chain liquidation triggered by leverage positions using illiquid collateral that couldn’t withstand volatility, not a “fatal blow” ending the upward cycle.
Bitcoin has firmly held the $90,000 support level over the past month. The bubble has been squeezed out, and high-quality liquidity is re-converging. The five major signals pointing to the 2026 bull market are clearer than ever.
First, spot ETF capital inflows have resumed. Institutional funds did not sell off in panic but instead took the opportunity to buy. Second, the market cap of stablecoins is growing. This indicates that cautious buying is filling “ammunition” and preparing for entry. Third, corporate financing methods are changing. Companies like MicroStrategy are raising funds through ATM (market issuance) to aggressively accumulate Bitcoin. Fourth, open interest in mainstream cryptocurrency perpetual contracts is rising again. Fifth, venture capital investments, which usually lag by six months, have bottomed out and rebounded.
The diagnosis in October of “self-destruction caused by greed” was only half correct. Greed has been thoroughly washed out, but the market did not destroy itself. Instead, it is building a more solid foundation, preparing for the upward trend in 2026. Investors should forget the fear from three months ago and face the new wave indicated by the data. When pessimists gain fame, optimists have already seized wealth.
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