Crypto Traders Increased Leverage Ahead of 10/10 Anniversary

Crypto traders took on more borrowed money before the 10/10 anniversary, leaving them vulnerable as Bitcoin (BTC) dropped toward 80000美元, resulting in over 1 billion美元 in forced liquidations. On October 10, 2025, a tariff threat from President Donald Trump triggered more than 19 billion美元 in forced closures, a record. Despite fears of a repeat, some traders claimed the market cut risk. Eric Conner, a crypto veteran, noted that the fear from the bear market led to a mass underexposure, suggesting that the market looked good despite the circumstances. The leverage ratio, which compares open bets with Bitcoin held on exchanges, increased from about 0.234 on October 3 to roughly 0.256 on October 8, indicating more borrowing. It has since eased to about 0.250. Total open bets fell from approximately 154 billion美元 to around 142 billion美元. Funding rates, which are fees traders pay when betting on gains, were significantly lower than in 2025, with Deribit's Bitcoin funding rate near 7.1% this week compared to 26.9% before the 2025 crash. The Fear and Greed Index indicated a sentiment score of 64, reflecting 'greed', and Bitcoin was trading at 82699美元, about 35% below its October 2025 peak of nearly 126000美元.

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