Arkham Intelligence data reveals that the surge started from Binance’s hot wallet with 15,944 BTC (around $1.05 billion). Bybit saw $897 million, Bitfinex $814 million outflows. Kraken, Coinbase, Wintermute, and FalconX also executed hundreds of millions worth of transfers within the same 30-minute period.

Over 154,000 traders were liquidated, with total losses reaching $522 million. This wave of selling reflects a pattern that has repeated three times before.

Operation Epic Fury and Regional Chaos

The U.S. and Israel launched a joint operation, named “Operation Epic Fury” by the Pentagon. Israeli Defense Minister Israel Katz confirmed a “preemptive strike,” while former President Trump announced via Truth Social that the U.S. had initiated “large-scale combat operations.”

Iran retaliated, targeting the Al Udeid Air Base in Qatar, the U.S. Fifth Fleet in Bahrain, and certain military installations in Kuwait and the UAE. Explosions occurred in Dubai and Abu Dhabi, with one fatality caused by debris from intercepted missiles. UAE airspace was closed.

This backdrop makes it harder to interpret sudden, large Bitcoin outflows. The same wallets had already been identified in previous 30-minute spikes.

History Repeats: October 2025 and Previous Moves

On October 10, 2025, on-chain analysts reported that Wintermute transferred $700 million to Binance hours before $19 billion in leveraged long positions were liquidated. This crash coincided with Trump’s announcement of a 100% tariff on China.

Two weeks earlier, $2.5 billion in BTC was sold within 30 minutes. These sales were also linked to Binance, Coinbase, and Wintermute wallets. Wintermute CEO Evgeny Gaevoy dismissed the claims, saying it was “a sudden crash in a low-liquidity, leveraged market affected by macro news on a Friday night.”

Former CFTC regulator Salman Banaei had a different view: “Regulators should launch an investigation into what happened on October 10, 2025.” Exchanges have not commented on today’s outflows.

Bitcoin Technical and Psychological Levels

Bitcoin still trades 49% below its $126,000 all-time high. The Crypto Fear & Greed Index stands at 14. Key support is at $63,100; a breach could trigger Deribit’s 5,200 BTC open put positions toward $60,000.

Historical data shows potential recovery. After Iran’s missile attacks in April 2024, BTC dropped to $61,000 before reaching new highs. Israel’s strike on Iranian nuclear facilities in June 2025 pushed BTC down to $103,000, but it rose above $125,000 by October.

The market remains fragile. According to CryptoQuant, U.S. spot Bitcoin ETFs are net sellers this month. The short-term direction remains uncertain.

Micro Perspective: Exchanges and Liquidation Traps

Some analysts argue that these rapid outflows aren’t genuine selling but exchange-driven liquidation events. Binance, Coinbase, and Wintermute wallets appear to trigger instant liquidations to manipulate market moves. The pattern is consistent: keep major holders calm, force thin order books, trigger stops, and enforce liquidations.

Smart investors monitor on-chain flows to separate real movement from engineered ones.

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Kadena Confirms It Can No Longer Sustain Operations

In a post shared on its official X (Twitter) account, Kadena stated that it can no longer continue its business activities due to ongoing market conditions. The announcement reads:

“We regret to announce that the Kadena organization is no longer able to continue business operations and will be ceasing all business activity and active maintenance of the Kadena blockchain immediately.”

The company noted that a small team will remain to manage the transition and wind-down process, while all other operations are being terminated. Users and partners were advised to reach out to operations@kadena.io for any inquiries during the shutdown phase.

This announcement led to a sharp sell-off across exchanges as KDA holders reacted to the unexpected closure, driving prices rapidly lower.

Decentralized Design Keeps Kadena Blockchain Partially Alive

While operations are ending, Kadena emphasized that the decentralized nature of its blockchain will allow it to remain partially functional. The core network infrastructure will continue to exist, maintained by independent nodes and the community.

Crypto analysts have suggested that the network’s structure could enable limited activity despite the halt in development and corporate operations. However, there is currently no plan to resume full operations or relaunch the project in the near term.

KADENA PUBLIC ANNOUNCEMENT

We regret to announce that the Kadena organization is no longer able to continue business operations and will be ceasing all business activity and active maintenance of the Kadena blockchain immediately.

We are tremendously grateful to everybody who…

— Kadena (@kadena_io) October 21, 2025

Market Reaction: $KDA Faces Heavy Selling Pressure

After the announcement, KDA price fell by more than 40%, marking one of the steepest single-day drops among mid-cap crypto assets this quarter.
According to CoinMarketCap data, trading volumes spiked as investors sought to exit positions amid uncertainty about Kadena’s future.

This event highlights the financial fragility of blockchain projects that depend heavily on consistent funding and community support. Analysts note that Kadena’s closure could become a cautionary example for other proof-of-work-based networks facing similar sustainability challenges.

Key Takeaways

• Kadena halts all business and blockchain maintenance operations.

• A small internal team remains to oversee the transition period.

• $KDA price drops approximately 40% after the announcement.

• The decentralized blockchain will remain partially operational through community nodes.

Kadena’s decision to cease operations marks a significant turning point in the 2025 crypto landscape. As investors assess the implications, the event underscores the importance of long-term sustainability in decentralized ecosystems. For now, KDA holders are closely monitoring whether the blockchain community can keep the network alive without corporate backing.

The post Kadena Halts All Operations, $KDA Price Plummets 40% appeared first on Coin Engineer.

Leverage and Market Reaction

The crypto market panic started after former President Trump announced a surprise trade threat against China. Following Trump’s claim on Truth Social about imposing 100% tariffs on all Chinese imports in response to potential rare earth metal export restrictions, investors reacted in crypto markets. Bitcoin dropped as leveraged positions triggered at least $20 billion in liquidations. Ethereum fell over 20%, and Solana lost more than 40%. By Monday morning, Bitcoin rebounded to around $115,000 as Trump attempted to ease tensions. Hougan noted, “Nothing in the fundamentals changed,” explaining why the market recovered quickly.

Technology and Blockchain Resilience

Hougan highlighted that blockchain systems performed well under stress. Decentralized platforms like Uniswap, Hyperliquid, and Aave operated smoothly. Centralized platforms faced some issues: Binance had to refund $283 million after depegging events and later launched a $400 million “rescue” initiative. Overall, Hougan argued that crypto systems managed volatility as well or better than traditional markets.

Investor Response and Market Confidence

Losses were mostly limited to individual investors, according to Hougan. Major professional investors remained largely unaffected, showing that long-term confidence was not shaken. He emphasized that the crypto market’s long-term growth drivers—regulatory progress, institutional adoption, and ongoing traditional market disruptions—remain intact.

Short-Term Expectations

• Market makers and liquidity providers may temporarily withdraw after high volatility.

• Liquidity gaps can amplify short-term price swings.

• Over time, the market will stabilize and refocus on fundamentals.

Hougan concluded that crypto assets are fundamentally strong, and the bull market is expected to resume quickly.

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The crypto market crash also impacted Binance’s native token, BNB, which dropped approximately 10% within 24 hours. According to CoinGlass, around 1.7 million investors were liquidated within a single day, erasing $19.3 billion in open positions. Binance recorded one of the largest liquidation totals, following Hyperliquid and Bybit.

Apologies from Yi He and Richard Teng

Yi He, co-founder of Binance, apologized to users, admitting that the platform underperformed during periods of high volatility. He explained that the depeg issues were linked to declining prices in major markets and increased trading volumes.

Binance CEO Richard Teng addressed the situation publicly, stating, “We are not making excuses; we are carefully listening, learning from what happened, and committed to doing better.” He emphasized that Binance will maintain transparency while processing user claims and ensuring fair compensation.

The depeg affected three major assets: USDe stablecoin, BNSOL, and Wrapped Beacon ETH (WBETH). USDe fell to $0.66 at the peak of the sell-off. Binance will individually review each account to determine eligibility for compensation.

72-Hour Compensation Plan and New Risk Controls

Binance announced on its official support page that Futures, Margin, and Loan users holding USDe, BNSOL, or WBETH between 10 October 21:36 – 22:16 UTC will automatically receive compensation. This ensures that crypto investors can offset losses caused by market crashes and altcoin price fluctuations.

Binance will credit payments to user accounts within 72 hours. The platform will calculate each user’s compensation based on the difference between the market price and their liquidation price. Additionally, Binance will maintain transparency throughout the process, ensuring users receive fair compensation based on coin prices and market analysis.

Binance also introduced new risk control measures to prevent future disruptions:

• Adding buyback prices to the USDe, BNSOL, and WBETH price index weights

• Setting a minimum price threshold for USDe

• Increasing the frequency of risk parameter reviews

These measures aim to protect crypto assets and help users follow altcoin trends more securely.

Eligible Users

• Futures users holding USDe, BNSOL, or WBETH

• Margin and Loan users

• Users active between 10 October 21:36 – 22:16 UTC

Note: Losses caused by normal market movements and unrealized profits are not eligible for compensation.

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Meanwhile, ICO investors sold tokens after achieving significant short-term gains, increasing spot selling volume. Analyst Alex Kruger noted that high spot sales contributed to the decline and it was not caused by short squeeze activity. 

Spot Selling and Market Reaction 

• ICO profit-taking pressured the price 
• FUD rumors triggered panic selling 
• High spot selling increased supply in the market 
• Abnormal funding rates accelerated the decline 

These factors indicate that XPL drop is more related to market psychology and short-term movements rather than fundamental changes. 

Analyst Opinions 

Charts show XPL bullish structure was disrupted, but analysts expect recovery if FUD subsides and ICO selling pressure eases. Our analysis highlighted $0.8877 as a strong support level, with a ~20% rebound already observed. Recent stablecoin applications also continue to attract institutional investor interest. 

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The post Plasma (XPL) Drops 46%: Causes, Analysis, and Market Response appeared first on Coin Engineer.

$1.1 Billion Liquidated in a Flash

The sudden drop caught investors completely off guard. According to CoinGlass, a staggering $1.1 billion in leveraged positions were liquidated in the past 24 hours. Roughly $1 billion of that came from long positions in BTC and ETH.

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Just days ago, Bitcoin had rallied to $110,265 — nearing its all-time high of $111,940 set on May 22. The sharp reversal underscores the fragility of the current crypto market environment.

Israel-Iran Conflict Sends Shockwaves Through Markets

The trigger behind the market chaos: Israel’s confirmed military action targeting Iran. News outlets Al Jazeera and Axios reported that Israel bombed multiple sites, including the capital Tehran. Prime Minister Netanyahu stated, “We are targeting Iran’s ballistic missile capabilities,” and signaled that operations would continue.

Reports suggest high-ranking Iranian military officials may have been killed and key Revolutionary Guard command centers destroyed. Iran has acknowledged the attacks and promised retaliation. The escalating tensions have spooked investors and added volatility to already shaky markets.

ETF Inflows Show Institutional Confidence

Despite the market downturn, June 12, 2025, saw net inflows of $79.5 million into spot Bitcoin ETFs and $112.3 million into spot Ethereum ETFs. This suggests that institutional investors may still be confident in BTC and ETH over the long term, regardless of short-term shocks.

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Crypto Crash: Bitcoin Falls Below $103K, Ethereum Plunges Over 10%

Shortly after news broke of Israeli airstrikes targeting key sites in Iran, Bitcoin fell sharply, losing over 3% in 24 hours to trade at $103,000. Meanwhile, Ethereum saw a steeper decline, crashing over 10% to $2,450. Both BTC and ETH suffered as investors fled risky assets in favor of safer havens.

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Reports from Al-Jazeera confirmed that explosions were heard in Tehran, following an Axios report about the Israeli operation. Israeli Prime Minister Netanyahu stated that his country targeted Iran’s nuclear program and that the strikes will continue until the threat is “completely removed.”

Global Markets in Turmoil

The impact of the attack isn’t limited to crypto:

• U.S. stock futures dropped around 1.5%.
• Gold jumped 0.75% to $3,428 per ounce.
• Crude oil soared 9% to $74 a barrel.
• Treasury yields declined, while safe-haven currencies like the yen and Swiss franc strengthened.

With Iran vowing retaliation and Israel calling up thousands of reserve troops, the situation remains tense. Analysts warn that if conflict escalates, further losses in Bitcoin, Ethereum, and other risk assets are likely.

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Reasons for Bitcoin Price Crash 

Firstly, Bitcoin encountered technical resistance. Last week, BTC, which surpassed the high of $105,663, succumbed to heavy selling pressure. This led to a 4.23% price drop. CoinGlass data shows that $84.68 million of liquidations came from short positions, with $50.96 million from shorts. Additionally, Bitcoin’s volatility is at a 10-month low, making investors cautious. A bearish engulfing candlestick erased Sunday’s 3.23% gain. The critical support level stands out at $101,000. The volatility being at a 10-month low is keeping investors cautious. 

QCP Capital believes digital assets have more room for recovery. The expectation is particularly strengthened by Coinbase’s inclusion in the S&P 500 on May 19. Swissblock analysts observed that Bitcoin collected liquidity above the $104,000-$106,000 resistance range but failed to break out of this zone. Swissblock expects a decline if the price fails to hold the $101,500-$102,500 range. Based on historical on-chain volume and transaction data, analysts identify the $97,000-$98,500 range as a significant downside target. 

Altcoin Decline and Future Expectations 

Altcoins show high correlation with Bitcoin. Therefore, BTC’s crash hit ETH, XRP, and DOGE. Ethereum lost 8.76%, XRP 5.31%, and DOGE 9.11% in the last 13 hours. However, the overall outlook remains bullish. Bitcoin targets of $118,000 and $135,000 seem feasible. As a result, the $100,300 to $99,800 range should be watched as a support zone. Investors expect a slowdown in these levels. 

**NOT INVESTMENT ADVICE** 

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On Sunday, April 13, the OM token plunged over 90% from around $6.30 to below $0.50, sparking widespread market manipulation allegations among investors.

Low Liquidity and Suspicious Wallet Movements

Chen explained on Cointelegraph’s Chainreaction show that such crashes stem from high concentration of token holdings, opaque governance, and massive exchange inflows/outflows, especially during low-liquidity hours on weekends.

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Data from Lookonchain shows that 17 wallets, including at least two connected to Mantra investor Laser Digital, transferred 43.6 million OM tokens (worth ~$227 million) to centralized exchanges just before the crash — fueling insider dumping suspicions.

Mantra CEO Responds

Mantra CEO John Mullin denied that the token sales came from the team, attributing the crash to forced liquidations on centralized exchanges, possibly OKX, but confirmed the team was still investigating the full details.

Chen added that the on-chain data provided “a very strong signal of insider dumping,” with millions of tokens sent to exchanges in a short time frame.

Even Bitcoin (BTC) has seen similar weekend-driven volatility, with a sharp drop under $75,000 on April 6, attributed to weekend de-risking activity amid global tensions.

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Many investors on social media likened the collapse to the LUNA and FTX crises, calling it a potential rug pull. After a wave of speculation, the Mantra team finally broke its silence.

Mantra Team: “This Was Not Us”

In an official statement, Mantra tried to reassure its community:

“Today’s price action was triggered by reckless liquidations unrelated to the project. We want to be clear: this was not our team. We are investigating and will share more details as soon as possible.”

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Mantra’s CEO also made a statement:

“Guys, I just woke up and I’m trying to figure out what happened. A major OM investor’s position was massively liquidated on an exchange. We’re still sorting out the details, but we’re here and working on solving the issue. Thanks for your understanding.”

Massive Tokenization Projects in the Middle East

Ironically, the OM token crash came shortly after Mantra’s announcement of a $1 billion tokenization deal in January 2025. The agreement with Dubai-based DAMAC included real estate, data centers, and other physical assets to be tokenized on the Mantra blockchain.

Mantra also obtained a Virtual Asset Service Provider license from Dubai’s Virtual Assets Regulatory Authority (VARA) in February 2025.

This license allows Mantra to legally operate in the United Arab Emirates, offering crypto exchange, brokerage, management, and consulting services.

Why Did OM Crash?

Mantra co-founder Patrick Mullin said the crash was triggered by the liquidation of a large investor’s position on an undisclosed exchange. However, details such as the exchange’s name, the identity of the investor, or the trade volume have not yet been clarified.

While the team continues to investigate the chain of events, investors are growing concerned about the sustainability of the Mantra ecosystem.

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