October’s crash shows crypto has come of age

The crypto market has endured its share of sharp corrections, but the October 10 liquidation event, with nearly $19 billion erased in hours, marked an important turning point. The scale was historic, but the outcome was not the systemic breakdown that defined 2022. Instead, it was a real-time stress test that the market, broadly speaking, passed. What we witnessed was localised rather than systemic.

The selloff was triggered not only by macro headlines, but by market structure. Prices began