According to @BullTheoryio, the crypto market suffered over $16.5B in liquidations within a single day on October 10 and more than $41B since October 1, which is unusually high without macro shocks, protocol failures, exchange collapses, or black-swan headlines, source: @BullTheoryio on X, Nov 21, 2025. Despite equities recovering as the S&P 500 made new highs and NVIDIA reported strong earnings, crypto failed to stabilize with no meaningful bounce, relief rally, or rotation and continued a straight-down pattern of forced selling, source: @BullTheoryio on X, Nov 21, 2025. Repeated waves of long liquidations have erased each attempted recovery, with concentrated intraday flushes of $100M to $1B in leveraged positions even on otherwise stable or green global market days, source: @BullTheoryio on X, Nov 21, 2025. This structural shift has persisted for roughly 45 days after October 10 as open interest collapsed and liquidity thinned across major pairs, with small price moves still triggering outsized liquidations, source: @BullTheoryio on X, Nov 21, 2025. @BullTheoryio notes the pattern is consistent with either a major entity unwinding, structural deleveraging at large trading firms, or liquidity gaps from thin order books, but the cause remains unconfirmed and no large market participant has provided transparency, source: @BullTheoryio on X, Nov 21, 2025.