HTX DeepThink: "10.11" to Become Industry Cycle Inflection Point, Deleveraging to Significantly Unleash Market Risk

On October 13th, a columnist from HTX DeepThink and a researcher at HTX Research, Chloe (@ChloeTalk1), stated that the current market volatility was driven by global risk aversion triggered by Trump's resumption of tariff policies. Bitcoin witnessed a cliff-like plunge at 5 a.m., with the 24-hour total liquidation across all exchanges reaching as high as $19.1 billion, setting a record for the largest single-day liquidation in the history of cryptocurrencies. The VIX panic index surged by 22% intraday, the U.S. 10-year Treasury yield broke through 4.8%, and on-chain and macro liquidity contracted simultaneously, becoming the catalyst that crushed the high-leverage system. Deribit data showed that the BTC and ETH put skew rose to an 18-month high, with implied volatility soaring to 82%, and market risk aversion reached an extreme. Despite the remaining short-term downside risks, long-term funds are gradually returning. Chloe pointed out that this liquidation event is not only a liquidity event but also marks the boundary of the industry cycle. The combination of "fiat-pegged stablecoins + high LTV collateral" has become the core of risk penetration, amplifying the vulnerability of USDe-type assets. She believes that extreme panic may signal a bottoming process, and historically similar events (such as the 3.12 incident in 2020 and the FTX crash in 2022) have all served as the starting point for the next bull market.