What Bitcoin Did Market Chaos: Is the Bitcoin Bull Run Over? | Checkmate
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Oct 13, 2025 
Checkmate, a renowned Bitcoin on-chain and macro analyst, joins to dissect the recent market chaos. He reveals how a staggering $20 billion in liquidations was triggered by cascading leverage and the exit of market makers. Discussing Bitcoin's strength, he argues it's becoming a key macro indicator despite short-term volatility. Checkmate explores the decline of altcoins, the emergence of new Bitcoin maximalists, and critical price levels that could dictate future market behavior. His insights highlight Bitcoin's resilience and evolving market dynamics.
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Open Interest Cleared 25% In The Sell-Off
- Bitcoin futures open interest surged leading into the sell-off and then fell ~25%, clearing much leverage.
- Clearing leverage can be healthy for long-term market stability even if painful short-term.
Use ETF Flows As A Near-Term Signal
- Watch ETF flows closely as they correlate with on-chain demand and futures open interest.
- Use sustained ETF inflows or outflows to gauge if bulls or bears are regaining control.
Bitcoin Is A 24/7 Macro Thermometer
- Bitcoin acts as a macro information index, signaling local conditions faster than other assets.
- Traders worldwide will watch Bitcoin's 24/7 moves to infer broader market risk and liquidity needs.