Why Bitcoin’s Capitulation Event Sets Up a Contrarian Buy

Published on February 18, 2026

Four months ago, digital assets underwent what I believe was the most consequential liquidation event in their history. On October 10, 2025, over $19 billion in leveraged positions were wiped out within hours. Bitcoin plummeted from roughly $122,000 to $105,000. More than 1.6 million trader accounts were liquidated.