{"id":23077,"date":"2025-10-14T16:30:06","date_gmt":"2025-10-14T16:30:06","guid":{"rendered":"https:\/\/99bitcoins.com\/fr\/?p=23077"},"modified":"2025-10-14T16:27:22","modified_gmt":"2025-10-14T16:27:22","slug":"crash-crypto-orchestre-analyste","status":"publish","type":"post","link":"https:\/\/99bitcoins.com\/fr\/actu\/crash-crypto-orchestre-analyste\/","title":{"rendered":"Le crash crypto a \u00e9t\u00e9 savamment orchestr\u00e9 d&rsquo;apr\u00e8s un analyste"},"content":{"rendered":"<p>Le march\u00e9 des cryptomonnaies a v\u00e9cu entre le 10 et le 11 octobre 2025, l\u2019un de ses \u00e9pisodes les plus violents de son histoire. Pas moins de <strong>19 milliards de dollars de positions \u00e0 effet de levier ont \u00e9t\u00e9 liquid\u00e9es en quelques heures<\/strong>, un record historique. Si la communaut\u00e9 a d\u2019abord point\u00e9 du doigt des d\u00e9faillances techniques et des ventes agressives de gros intervenants, de nouveaux \u00e9l\u00e9ments sugg\u00e8rent un ph\u00e9nom\u00e8ne tout autre&#8230;<\/p>\n<h2>D\u00e9molition contr\u00f4l\u00e9e ?<\/h2>\n<p><strong>La brutalit\u00e9 de la fin de derni\u00e8re semaine est encore pr\u00e9sente<\/strong> dans toutes les t\u00eates. La poussi\u00e8re retombe peu \u00e0 peu et l\u00e8ve le voile sur le crash historique du march\u00e9 crypto. Les traders remontent la pente, divers acteurs s&rsquo;expriment et certains <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/fr\/actu\/binance-lache-45-m-bnb-pour-sauver-traders-memecoin\/\" rel=\"\">mettent la main \u00e0 la poche comme Binance<\/a>.<\/p>\n<p>Mais le <a class=\"general-link\" href=\"https:\/\/x.com\/AxelAdlerJr\/status\/1977951840344883259\" target=\"_blank\" rel=\"noopener nofollow\">tableau dress\u00e9 par Axel Adler Jr<\/a> analyste chez CryptoQuant, parle d&rsquo;un \u00e9v\u00e8nement moins chaotique qu\u2019il n\u2019y para\u00eet. D&rsquo;apr\u00e8s lui, <strong>nous avons assist\u00e9 \u00e0 un ph\u00e9nom\u00e8ne de \u00ab\u00a0deleveraging\u00a0\u00bb (d\u00e9sendettement) tout sauf hasardeux<\/strong>. Il privil\u00e9gie cette th\u00e8se \u00e0 celle d\u2019une cascade de liquidation totalement fortuite.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">During Friday\u2019s crash, spot volume hit $44B (near cycle highs), futures $128B, while OI dropped $14B with only $1B in BTC long liquidations. 93% of OI decline wasn\u2019t forced &#8211; this was a controlled deleveraging, not a cascade.<\/p>\n<p>\ud83d\udc49 A very mature moment for Bitcoin. <a href=\"https:\/\/t.co\/sTrziRUXXo\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/sTrziRUXXo<\/a><\/p>\n<p>&mdash; Axel \ud83d\udc8e\ud83d\ude4c Adler Jr (@AxelAdlerJr) <a href=\"https:\/\/twitter.com\/AxelAdlerJr\/status\/1977951840344883259?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">October 14, 2025<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Vendredi soir, <strong>l\u2019annonce surprise de droits de douane massifs des \u00c9tats-Unis envers la Chine a d\u00e9clench\u00e9 une panique<\/strong> g\u00e9n\u00e9ralis\u00e9e. Baisse des indices am\u00e9ricains, actions et prise de profits sur les cryptos. Une sortie pr\u00e9cipit\u00e9e et acc\u00e9l\u00e9r\u00e9e par les conditions de liquidit\u00e9s propres \u00e0 un vendredi soir.<\/p>\n<p>La chute de l\u2019open interest sur les march\u00e9s perp\u00e9tuels vendredi 10 octobre (pass\u00e9 d\u2019environ 26 milliards \u00e0 moins de 14 milliards) <strong>a de facto enclench\u00e9 un \u00ab deleveraging \u00bb organique<\/strong>. Autrement dit la fermeture rapproch\u00e9e de leviers excessifs plut\u00f4t qu\u2019un effet domino de liquidations forc\u00e9es.<\/p>\n<p>Plusieurs m\u00e9dias ont chiffr\u00e9 les pertes de capitalisation \u00e0 plus de 500 milliards sur l\u2019ensemble du march\u00e9 au plus fort de l\u2019\u00e9pisode. Des traders \u00e9voquent des <strong>bugs de pricing et d\u2019API chez certains acteurs, ainsi que des m\u00e9canismes d\u2019auto-d\u00e9sendettement (ADL)<\/strong> d\u00e9clench\u00e9s qui auraient amplifi\u00e9 la secousse.<\/p>\n<p>Cette lecture est corrobor\u00e9e par les donn\u00e9es onchain et par les agr\u00e9gateurs de donn\u00e9es d\u00e9riv\u00e9s, qui montrent une purge concentr\u00e9e mais rapide. Suivie d\u2019un retour progressif de la liquidit\u00e9. Reste que <strong>le contexte macro et l&rsquo;exc\u00e8s de levier ont clairement amorc\u00e9 la secousse<\/strong>.<\/p>\n<h2>Cause plut\u00f4t que cons\u00e9quence ?<\/h2>\n<p>Les altcoins ont \u00e9t\u00e9 particul\u00e8rement touch\u00e9s, certains flirtant m\u00eame avec le z\u00e9ro. <strong>D\u2019autres pointent le r\u00f4le des market makers<\/strong>. Les markets makers sont des entit\u00e9s qui fournissent cette liquidit\u00e9 pour que les march\u00e9s puissent exister. Si elles op\u00e8rent un retrait ponctuel de quotes (liquidit\u00e9 \u00e0 diff\u00e9rent niveaux de prix) en p\u00e9riode de stress, ils cr\u00e9ent des trous d&rsquo;airs dans le carnet d&rsquo;ordres.<\/p>\n<p><strong>Sans liquidit\u00e9, aucun acheteur n&rsquo;est mis en face du vendeur<\/strong>. Ce dernier voit son prix ex\u00e9cut\u00e9 seulement au niveau o\u00f9 le prochain acheteur est dispos\u00e9 \u00e0 acheter. Pourquoi parler alors de \u00ab d\u00e9sendettement contr\u00f4l\u00e9 \u00bb ? Parce que vu sous ce prisme, cela change le diagnostic.<\/p>\n<p>Une cascade de liquidations suppose un choc syst\u00e9mique, auto-entretenu par des ventes forc\u00e9es et des pannes de liquidit\u00e9. Un deleveraging contr\u00f4l\u00e9 plaide lui pour <strong>un simple retour \u00e0 l&rsquo;\u00e9quilibre, un ajustement apr\u00e8s un exc\u00e8s de levier<\/strong>.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-23105\" src=\"https:\/\/99bitcoins.com\/fr\/wp-content\/uploads\/sites\/4\/2025\/10\/oi-scaled.jpeg\" alt=\"\" width=\"2560\" height=\"1440\" srcset=\"https:\/\/99bitcoins.com\/fr\/wp-content\/uploads\/sites\/4\/2025\/10\/oi-scaled.jpeg 2560w, https:\/\/99bitcoins.com\/fr\/wp-content\/uploads\/sites\/4\/2025\/10\/oi-300x169.jpeg 300w, https:\/\/99bitcoins.com\/fr\/wp-content\/uploads\/sites\/4\/2025\/10\/oi-1024x576.jpeg 1024w, https:\/\/99bitcoins.com\/fr\/wp-content\/uploads\/sites\/4\/2025\/10\/oi-768x432.jpeg 768w, https:\/\/99bitcoins.com\/fr\/wp-content\/uploads\/sites\/4\/2025\/10\/oi-1536x864.jpeg 1536w, https:\/\/99bitcoins.com\/fr\/wp-content\/uploads\/sites\/4\/2025\/10\/oi-2048x1152.jpeg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<p>Les positions sp\u00e9culatives se ferment, l\u2019open interest retombe, les funding (co\u00fbts de financement de position avec levier)\u00a0 se normalisent, et les carnets se r\u00e9\u00e9quilibrent. Alors que <strong>l&rsquo;open interest a chut\u00e9 de 14 milliards $, seul 1 milliard $ de position acheteuse liquid\u00e9e vient de Bitcoin<\/strong>. Tout le reste du levier est attribuable aux altcoins : signe d&rsquo;exc\u00e8s massif dans la machine.<\/p>\n<p>Dans ce sc\u00e9nario, la probabilit\u00e9 d\u2019une seconde vague de baisse brutale diminue \u00e0 mesure que les leviers se purgent. Le march\u00e9 spot est r\u00e9silient et <strong>la chute fut amplifi\u00e9e par les produits d\u00e9riv\u00e9s (levier)<\/strong>. La s\u00e9ance a expos\u00e9 la fragilit\u00e9 d\u2019un march\u00e9 o\u00f9 la liquidit\u00e9 peut s\u2019\u00e9vaporer en dehors des heures traditionnelles. Mais elle a aussi valid\u00e9 un point essentiel : les majors tol\u00e8rent mieux les chocs qu\u2019en 2020-2022.<\/p>\n<hr>\n<p><strong>Sur le m\u00eame sujet :<\/strong><\/p>\n<ul>\n<li><a class=\"general-link\" title=\"Whale Hyperliquid : enqu\u00eate sur son pass\u00e9 et son profil\" href=\"https:\/\/99bitcoins.com\/fr\/actu\/whale-hyperliquid-enquete-profil\/\" rel=\"\">Whale Hyperliquid : enqu\u00eate sur son pass\u00e9 et son profil<\/a><\/li>\n<li><a href=\"https:\/\/99bitcoins.com\/fr\/actu\/binance-lache-45-m-bnb-pour-sauver-traders-memecoin\/\">Binance l\u00e2che 45 M $ en BNB pour sauver ses traders memecoin<\/a><\/li>\n<li><a class=\"general-link\" title=\"Solana attire les entreprises, 2,5 milliards $ d\u00e9j\u00e0 verrouill\u00e9s en SOL\" href=\"https:\/\/99bitcoins.com\/fr\/actu\/solana-attire-entreprises-2-5-milliards-deja-verrouilles\/\" rel=\"\">Solana attire les entreprises, 2,5 milliards $ d\u00e9j\u00e0 verrouill\u00e9s en SOL<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Le march\u00e9 des cryptomonnaies a v\u00e9cu entre le 10 et le 11 octobre 2025, l\u2019un de ses \u00e9pisodes les plus violents de son histoire. Pas moins de 19 milliards de dollars de positions \u00e0 effet de levier ont \u00e9t\u00e9 liquid\u00e9es en quelques heures, un record historique. Si la communaut\u00e9 a d\u2019abord point\u00e9 du doigt des..<\/p>\n","protected":false},"author":136117,"featured_media":23107,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[10,6],"tags":[],"coin":[15],"class_list":["post-23077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoins","category-actu"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Le crash crypto a \u00e9t\u00e9 savamment orchestr\u00e9 d&#039;apr\u00e8s un analyste<\/title>\n<meta name=\"description\" content=\"Alors que l&#039;open interest global a chut\u00e9 de 14 milliards de dollars, seul 1 milliard $ de position acheteuse liquid\u00e9e vient de Bitcoin\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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J\u2019ai d\u00e9couvert le Bitcoin en 2016, mais c\u2019est en 2018, en pleine phase baissi\u00e8re, que j\u2019ai r\u00e9ellement plong\u00e9 dans l\u2019analyse des cycles, des projets et des opportunit\u00e9s que propose l\u2019\u00e9cosyst\u00e8me crypto. Aujourd\u2019hui, je consacre mon temps \u00e0 l\u2019\u00e9tude des tendances du march\u00e9, \u00e0 la recherche de projets innovants, et au partage de strat\u00e9gies accessibles aussi bien aux d\u00e9butants qu\u2019aux investisseurs aguerris. En parall\u00e8le, je suis \u00e9galement r\u00e9dacteur sp\u00e9cialis\u00e9 en crypto et finance d\u00e9centralis\u00e9e. Mon objectif : rendre l\u2019information claire, p\u00e9dagogique et fiable, dans un univers o\u00f9 la d\u00e9sinformation peut co\u00fbter cher. J\u2019interviens sur ce site pour proposer des analyses, d\u00e9crypter l\u2019actualit\u00e9, vulgariser des concepts complexes, et offrir des perspectives concr\u00e8tes sur les mouvements du march\u00e9. Que ce soit pour du swing trading, du scalping ou de l\u2019investissement long terme, je m\u2019efforce d\u2019apporter une vision structur\u00e9e et pragmatique. La crypto est plus qu\u2019un march\u00e9 : c\u2019est une r\u00e9volution en marche. Et je suis l\u00e0 pour vous aider \u00e0 y voir clair.\",\"url\":\"https:\\\/\\\/99bitcoins.com\\\/fr\\\/author\\\/estebandurant\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Le crash crypto a \u00e9t\u00e9 savamment orchestr\u00e9 d'apr\u00e8s un analyste","description":"Alors que l'open interest global a chut\u00e9 de 14 milliards de dollars, seul 1 milliard $ de position acheteuse liquid\u00e9e vient de Bitcoin","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/99bitcoins.com\/fr\/actu\/crash-crypto-orchestre-analyste\/","og_locale":"fr_FR","og_type":"article","og_title":"Le crash crypto a \u00e9t\u00e9 savamment orchestr\u00e9 d'apr\u00e8s un analyste","og_description":"Alors que l'open interest global a chut\u00e9 de 14 milliards de dollars, seul 1 milliard $ de position acheteuse liquid\u00e9e vient de 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Durant","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/secure.gravatar.com\/avatar\/4612e4c10d00d2e68478864de7346bf5c83a2d5a754c96ef605a8574a2432cef?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/4612e4c10d00d2e68478864de7346bf5c83a2d5a754c96ef605a8574a2432cef?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4612e4c10d00d2e68478864de7346bf5c83a2d5a754c96ef605a8574a2432cef?s=96&d=mm&r=g","caption":"Esteban Durant"},"description":"Trader en crypto-actifs depuis plusieurs ann\u00e9es et passionn\u00e9 par l\u2019univers d\u00e9centralis\u00e9, je combine analyse technique, compr\u00e9hension des fondamentaux et suivi macro\u00e9conomique pour naviguer efficacement sur les march\u00e9s volatils. J\u2019ai d\u00e9couvert le Bitcoin en 2016, mais c\u2019est en 2018, en pleine phase baissi\u00e8re, que j\u2019ai r\u00e9ellement plong\u00e9 dans l\u2019analyse des cycles, des projets et des opportunit\u00e9s que propose l\u2019\u00e9cosyst\u00e8me crypto. Aujourd\u2019hui, je consacre mon temps \u00e0 l\u2019\u00e9tude des tendances du march\u00e9, \u00e0 la recherche de projets innovants, et au partage de strat\u00e9gies accessibles aussi bien aux d\u00e9butants qu\u2019aux investisseurs aguerris. En parall\u00e8le, je suis \u00e9galement r\u00e9dacteur sp\u00e9cialis\u00e9 en crypto et finance d\u00e9centralis\u00e9e. Mon objectif : rendre l\u2019information claire, p\u00e9dagogique et fiable, dans un univers o\u00f9 la d\u00e9sinformation peut co\u00fbter cher. J\u2019interviens sur ce site pour proposer des analyses, d\u00e9crypter l\u2019actualit\u00e9, vulgariser des concepts complexes, et offrir des perspectives concr\u00e8tes sur les mouvements du march\u00e9. Que ce soit pour du swing trading, du scalping ou de l\u2019investissement long terme, je m\u2019efforce d\u2019apporter une vision structur\u00e9e et pragmatique. La crypto est plus qu\u2019un march\u00e9 : c\u2019est une r\u00e9volution en marche. Et je suis l\u00e0 pour vous aider \u00e0 y voir clair.","url":"https:\/\/99bitcoins.com\/fr\/author\/estebandurant\/"}]}},"_links":{"self":[{"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/posts\/23077","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/users\/136117"}],"replies":[{"embeddable":true,"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/comments?post=23077"}],"version-history":[{"count":5,"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/posts\/23077\/revisions"}],"predecessor-version":[{"id":23108,"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/posts\/23077\/revisions\/23108"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/media\/23107"}],"wp:attachment":[{"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/media?parent=23077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/categories?post=23077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/tags?post=23077"},{"taxonomy":"coin","embeddable":true,"href":"https:\/\/99bitcoins.com\/fr\/wp-json\/wp\/v2\/coin?post=23077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}