Bitcoin isn’t topped. It’s resetting.

October’s $20B liquidation event was one of the largest in crypto history, but it didn’t end the cycle, it cleared leverage.

➣ $BTC price: $126K to $100K (-21%)

➣ Leveraged positions wiped: $20B

➣ M2 liquidity (global): flat since July

➣ U.S. net liquidity: negative post–debt ceiling

➣ Options positioning: $90K–$160K range

➣ Institutional outlook: bullish into 2026

The M2 decoupling isn’t bearish, it’s mechanical. Government borrowing drained liquidity temporarily, suppressing reflexive flows between liquidity growth and $BTC price.

Once tradable liquidity expands again, correlation should resume.

October’s flush was not a top. It was a reset. The base layer for the next impulse.

That’s how every Bitcoin cycle breathes before it breaks higher.