According to @KobeissiLetter, crypto market cap has erased over 1 trillion since October 6, source: @KobeissiLetter on X dated Nov 4, 2025. The driver is technical rather than fundamental, with adoption at record highs, deregulation progressing, and technology improving, source: @KobeissiLetter on X dated Nov 4, 2025. Record leverage is amplifying moves, highlighted by roughly 20 billion in liquidations on October 10, source: @KobeissiLetter on X dated Nov 4, 2025. Around 300,000 traders are being liquidated per day on average, underscoring extreme market reactivity to headlines, source: @KobeissiLetter on X dated Nov 4, 2025. Near term, larger swings both up and down are expected while the long-term thesis remains strong, shaping trading conditions for BTC and ETH, source: @KobeissiLetter on X dated Nov 4, 2025.