Friday’s crypto sell-off was a fast, leverage-driven cascade that crushed altcoins while bitcoin held up comparatively better — and the next phase hinges on a handful of signals, according to Wiston Capital Founder Charlie Erith.

In a Sunday post titled “Crypto Crumble,” Erith said the market excluding bitcoin, ether and stablecoins fell about 33% in roughly 25 minutes on Oct. 10 before bouncing to a loss of around 10.6%. He added that about $560 billion, or 13.1%, has been erased from total crypto market value since Oct. 6 and cited $18.7 billion in liquidations during the episode.

He linked the immediate trigger to President Donald Trump’s Truth Social threat of an additional 100% tariff on Chinese imports, but argued the slide was already in motion — equities were still climbing while

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