WHO CRASHED BITCOIN?! Degens Point at the Leverage Gamblers as a New Fight Kicks Off, Ser

Every crash comes with a murder mystery, and every degen thinks they know who did it. Was it the Fed-watchers' boogeyman, the suits in Washington, the whales dumping their bags, or the rest of us running fifty-times leverage from the bathroom at work? A fresh opinion market on Morfi asks the only question anyone in the group chat cares about right now: what actually caused the Bitcoin crash? It opened less than a day ago, and the finger-pointing has already started.

The evidence locker is full. Euronews reports that Bitcoin fell to about sixty-one thousand dollars, down more than a quarter in a single month, as long-term holders sold off billions while US crypto regulation stalled in Washington. Go back to October 2025 and the story is even messier: the European Securities and Markets Authority says a hundred-percent tariff announcement on Chinese imports set off a flash crash and a chain of automated liquidations. ESMA puts the damage at around nineteen billion dollars in wiped-out derivatives positions, the biggest liquidation day crypto has ever seen, made worse when major exchanges broke down and traders couldn't close or hedge. ABC News adds that Deutsche Bank worried about forced selling, with indebted buyers dumping coins to pay back loans. So which crash does the market mean, and who's the main suspect? The sources don't agree, and that's exactly why the crowd is fighting.

For now the crowd has a favourite suspect. "Liquidations and leverage unwind" leads at 33% consensus with 10 holders behind it, and "Macroeconomic risk-off" is in second at 20% with 11 holders. Also on the ballot: 3 other sides. So far 22 unique traders have put $22,024 behind their opinions. That ordering lines up neatly with the ESMA account, where the tariff shock was the trigger and the margin-call cascade did the real damage. Basically the crowd is saying macro lit the match and leverage was the gasoline.

My take, and this is opinion, not alpha: the crowd has it right, and it hurts because it's about us. Macro headlines show up every week. What turns a dip into a bloodbath is everybody's margin getting called at the same moment, liquidation bots selling into liquidation bots, and exchanges going down right when you need the close button. I've been the exit liquidity in that conga line more than once, ser, and I promise it wasn't Jerome Powell who pressed my sell button. Still, I wouldn't write off the whales or the Washington gridlock. Long-term holders selling billions isn't a rounding error, and my colleague Penny Sterling's piece on how the crowd thinks Bitcoin hasn't found its floor yet suggests nobody thinks the selling is finished.

Things to watch: whether the next ugly red candle comes with a liquidation spike or a macro headline, whether Washington actually gets anywhere on crypto rules, and whether the long-term holders keep selling. Any one of those could swing the runner-up into the lead, since this market is barely a day old. If you've got a theory (and after my calls on the October 15 brawl, you can probably beat mine), go join the market on Morfi and put your conviction behind it. Not financial advice, obviously. I'm the last person who should be giving any.