The Katana Program concluded October 2025 with a performance of +9.47%.

Bitcoin opened the month at $114,000 and reached a new all-time high of $126,272 within the first week. A sharp retracement followed, culminating in a huge sell-off to $102,000 later that week, triggered by Trump's announcement of 100% tariffs on China. The Katana algorithms established short positions between $118,000 and $120,000 immediately prior to the collapse. Price bounced sharply off the lows and settled in the $110,000–$112,000 range. Post-mortem analysis of the rapid price collapse revealed that multiple crypto exchanges activated Auto-Deleveraging (ADL) policies, forcibly closing profitable positions to cover losses and maintain solvency. The impact of this event underscores the market's current fragility. This is further evidenced by a relative decline in perpetual futures open interest across exchanges, contrasted with rising spot Bitcoin volumes.

These developments do not diminish Bitcoin's conceptual brilliance but highlight ongoing dislocations in market mechanics as centralized (CEX) and decentralized (DEX) platforms evolve. Until a superior model emerges, we remain committed to trading exclusively on ASIC-regulated platforms, which provide protections unavailable on unregulated exchanges.