CoinDesk analysis indicates that exactly one year ago today (October 10, 2025), a Bitcoin flash crash led to the liquidation of approximately $19 billion in leveraged positions across the crypto market. Although traders now possess improved risk identification tools, analysts Mark Connors and Chris Sullivan caution that the structural market risks that triggered that year's sell-off, such as leverage and crowded trades, persist. They also suggest that Bitcoin's four-year cycle hypothesis is being challenged, and a similar flash crash could occur again in the future.