["The One-Year Anniversary of the '1011 Crash': Crypto Market Risks Persist, Derivatives Leverage Could Trigger the Next Liquidation Wave"] According to CoinDesk, the risks of high leverage and crowded trades exposed during the crypto market crash of October 2025 still persist, and the market could experience a similar event again. During last year's epic "1011 Crash," Bitcoin, after reaching an all-time high of approximately $126,000, quickly plunged from around $122,000 to $105,000, triggering approximately $19 billion in liquidations across the crypto market. Mark Connors, head of Risk Dimensions, stated that the market peak formed extremely quickly at the time, with open interest nearing historical highs. A large number of traders were betting on Bitcoin continuing its four-year cycle of upward momentum, but the eventual market reversal led to significant losses. This crash was primarily driven by the derivatives market rather than changes in on-chain demand, indicating that leveraged positions can still dominate Bitcoin's price movements in the short term.