BTC just got absolutely rekt. Trump's tariff bomb triggered a $122K→$101.5K bloodbath in 2 hours on Oct 10—that's a 16% flash crash wiping $20B market cap overnight. Biggest single-hour liquidation ever: $10B+ of leveraged longs got liquidated (78% of positions gone). The domino effect? Cross-margin trading on major exchanges turned a mild 2% dip into a full cascade.

But here's the plot twist: while retail got wrecked, whales were chilling. On-chain data caught 120K BTC flowing into exchanges—classic accumulation signal. Arthur Hayes nailed it: "leverage purge, not conviction selling." Literally the same playbook as the 2020 COVID crash that preceded a 300% moonshot.

By evening, BTC clawed back to $113K and tested $108K support. The real threat? China's rare-earth export curbs could spike mining hardware costs ~30%, squeezing smaller miners. But big miners aren't sweating—mining stocks like CIFR rallied 8%.

TLDR: Macro chaos meets crypto volatility. Fed cuts coming Oct 29. Bulls eyeing $145K by year-end. Bottom in? Maybe. Leverage purges are usually capitulation events—historically the signal for the next leg up.