BlackRock's "Re-Underwriting Bitcoin" whitepaper attributes the crash to a market dangerously stretched by October 2025, with futures open interest topping $90 billion, 80% of which was in offshore perpetual contracts offering up to 125x leverage. A $20 billion liquidation followed Washington's China tariffs on October 10. Fund flows also showed spot Bitcoin ETFs bleeding over $5 billion while AI-themed funds absorbed $46 billion, though BlackRock views this as cyclical. VanEck's ChainCheck notes 8 of 12 capitulation signals are active and the drawdown has entered its 10th month, suggesting the correction may be nearing its end, with a shallower trough expected compared to past cycles.