Why did crypto crash? On-chain data linking Binance and Wintermute surfaces

On-chain data has surfaced showing large, strategic asset transfers between Binance and leading market maker Wintermute, preceding a sharp market downturn. The data, highlighted by crypto analyst MartyParty, pointed to collusion between the two giants.

Over the past 24 hours, Binance’s hot wallet was observed depositing significant amounts of Solana (SOL), Bitcoin (BTC), and Ethereum (ETH) to Wintermute-controlled wallets across multiple exchanges, including Kraken, Gate.io, and KuCoin.

The analyst who surfaced the data noted, “I guarantee every asset Binance has on their global casinos are being manipulated using the same rail.”

The on-chain activity was followed by a severe market impact. The total crypto market cap dropped 4% to $3.86 trillion, triggering a massive deleveraging event.

According to market data from CoinGlass, from crypto leveraged traders in 24 hours. The vast majority of these liquidations, over $750 million, involved long traders who were betting on price increases, indicating the sell-off caught the market off guard and fueled a potential long squeeze.

Bitcoin holders with an account balance of between 10k and 100k coins in the past two weeks to currently hold 2.16 million. According to on-chain data analysis from , short-term Bitcoin holders deposited 21,200 BTCs to crypto exchanges in the last 24 hours.

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On-chain data shows Bitcoin whales reduced their supply by . Concurrently, data from CryptoQuant shows short-term Bitcoin holders deposited in the last 24 hours, signaling widespread intent to sell.

Yes, reports indicate a growing exodus of sophisticated traders from centralized exchanges (CEXes) to decentralized exchanges (DEXes). According to top trader “,” fears of market manipulation and forced liquidations on CEXes are pushing futures traders to platforms like Hyperliquid.

Hyperliquid hit $3.4B in spot volume as Arthur Hayes predicts a 126x HYPE price surge

Specifically, in the past 14 days, a total traded volume of $2.4 billion.