The October 10th event was the real trigger that pushed $BTC into a bear phase.

In a single day, nearly 70,000 BTC worth of Open Interest was wiped out, resetting OI back to levels last seen in April 2025. That wasn’t just noise — it was a structural reset.

More than six months of Open Interest buildup got erased in one session, and the impact from that flush is still being felt in the market today. This wasn’t a local shakeout. It was a regime shift driven by positioning getting forcefully cleared.