According to The Kobeissi Letter, Bitcoin (BTC) set a record high near $126,272 (about $2.5 trillion market cap) on October 6, before a "mechanical" shift began around October 10 after former President Trump threatened 100% tariffs on China, coinciding with a broad crypto drawdown (source: The Kobeissi Letter on X, Nov 20, 2025). The post highlights October 6 and October 10 as key reference dates for traders to gauge regime change, headline sensitivity, and risk-off flows in BTC and the broader crypto market (source: The Kobeissi Letter on X, Nov 20, 2025).