@zhouhaonan
The October 2025 BTC crash, wiping $19B in hours, shows mixed on-chain signals of a coordinated attack. Evidence points to oracle manipulation targeting Binance's USDe pricing—depegging to $0.65 only there, sparking a liquidation cascade—suggesting 5-6 actors controlled 90% of pre-crash volume via symmetric trades. However, no definitive proof exists; it exposed structural flaws like absent circuit breakers.
This amplified fear, with sentiment plunging (Fear & Greed Index to 12), but on-chain accumulation by institutions (e.g., BlackRock) below $110K signaled resilience, aiding quick recovery to $114K and restoring bullish vibes.
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