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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The post Who Moved $5 Billion in Bitcoin While Israel Attacked Iran? appeared first on Coin Engineer.

Bitcoin Price Action Signals Bear Market Conditions

Over the past several weeks, Bitcoin has broken through multiple key technical levels. Most notably, the price slipped below $80,000 for the first time since April 2025 and quickly extended losses toward the $60,000 region. In just four months, Bitcoin has shed nearly 50% of its value, highlighting the intensity of the selling pressure.

One of the clearest signs of stress came from derivatives markets. Weekend liquidations exceeded $2.7 billion, indicating a large-scale unwind of overleveraged positions. Such liquidation cascades are commonly associated with bear market phases, where excessive risk-taking is rapidly flushed out of the system.

Three Catalysts Accelerating the Sell-Off on Bitcoin

According to market analysts, the downturn was not driven by a single event but rather a combination of macroeconomic and cross-market shocks.

The first factor was growing concern over the future direction of U.S. monetary policy. The possibility of Kevin Warsh being appointed as Federal Reserve Chair fueled expectations of a more hawkish stance, prompting investors to reduce exposure to risk-sensitive assets, including cryptocurrencies.

The second driver came from traditional equity markets, particularly the technology sector. Earnings disappointments among the so-called “Magnificent Seven” weighed heavily on sentiment. A sharp decline of roughly 10% in Microsoft shares served as a catalyst for broader risk aversion, spilling over into digital assets.

The third and most striking development occurred in commodities markets. Silver prices collapsed by approximately 40% in just three days, reinforcing a widespread “sell everything” mindset. This type of cross-asset capitulation tends to amplify downside pressure across all speculative markets, crypto included.

Persistent Selling Pressure From U.S. Markets

Additional data points suggest that selling pressure is not limited to derivatives or offshore venues. Spot market activity in the United States continues to show consistent distribution. Over-the-counter transaction flows indicate that U.S.-based participants have remained net sellers, reinforcing the idea that this move reflects deeper repositioning rather than short-term speculation.

What the Broader Picture Suggests

Taken together, Bitcoin’s rapid drawdown, aggressive leverage unwinding, and macro-driven risk-off environment point to a market undergoing structural stress. While short-term volatility remains elevated, the current phase appears driven by a convergence of monetary policy uncertainty, equity market weakness, and cross-asset liquidation dynamics. How long this pressure persists will depend largely on macro conditions and investor risk appetite in the months ahead.

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The post 3 Reasons Behind Bitcoin Drop! Wintermute Explained appeared first on Coin Engineer.

Japan’s Policy Was the First Trigger for Crypto

According to Wintermute analysts, the main trigger behind the sharp pullback in crypto markets was the strong signal from the Bank of Japan that it may raise interest rates in December. A potential rate hike directly impacts the long-standing yen carry trade, a mechanism in which investors borrow cheap yen and allocate capital to risky assets. With the threat of higher rates, this strategy began to unwind.

This development triggered rapid deleveraging across global markets, causing chain-reaction outflows from risk assets. Due to its high volatility, the crypto market was among the first to be affected. Analysts emphasized that Bitcoin and other digital assets declined not due to technical factors, but as a result of a macro-driven sell-off.

Why Did Gold Go Up?

Analysts also evaluated gold’s strong recent performance, making an important comparison with Bitcoin in terms of risk perception. They noted that Bitcoin is sometimes referred to as “digital gold”, and during calm market conditions, it behaves similarly. However, during periods of global uncertainty, interest rate shifts, and geopolitical risk, investors still turn to physical gold.

They explained:

“Bitcoin may act like digital gold in stable periods, but its fragility becomes clear in times of crisis. When investors seek a true safe haven, they still move toward physical gold. We saw this clearly during the recent decline. Gold remains the first stop in risk aversion; Bitcoin still shows a volatile profile under macro pressure.”

“The Market Is Actually Cleansing Itself”

One of the most notable sections of Wintermute’s report focused on improvements in market structure. Forced liquidation of leveraged positions has had a healthy long-term impact:

• Open interest in perpetual futures dropped from $230 billion to $135 billion
• This means a significant reduction in forced liquidation risk
• Excessive long positions have been wiped from the system

The report noted:

“The declines look bad, but the market has been cleansed of aggressive leverage. This cleanup enabled the technical conditions needed for a stronger bottom formation.”

Risk Still Very High for Altcoins

Wintermute analysts emphasized that the altcoin market remains weak and is more fragile against macro pressure. According to the assessment:

• Altcoin rallies are short-lived
• When Bitcoin falls, altcoins suffer much deeper losses
• Liquidity still flows primarily into Bitcoin and Ethereum

Analysts stated:

“Even if altcoins rise, they are quickly crushed by macro events. Investor psychology remains: ‘Bitcoin and Ether recover first.’ Therefore, risk levels in altcoins are still very high.”

Conclusion

Wintermute’s analysis highlights that the recent downturn in the crypto market is not solely negative, but also shows key signs of structural strengthening. The reduction in leverage and the decline in open interest to healthier levels may lay the foundation for a more sustainable bottom, particularly for Bitcoin. However, the altcoin market remains highly risky, and investors continue to take a cautious stance.

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The post Wintermute Explains the Reason Behind the Crypto Sell-Offs! appeared first on Coin Engineer.

Manta Network – Wintermute Liquidity Agreement Details

Under this agreement, 7.5 million $MANTA will be loaned to the Wintermute team. The loaned tokens will be integrated into Wintermute’s trading operations to strengthen market liquidity. These assets are not a grant but structured as a repayable loan. This strategic move aims to increase Manta’s market depth while securing token liquidity for investors.

Manta Network has officially entered into an arrangement with @wintermute_t to provide liquidity for $MANTA.

To support this, 7.5M $MANTA will be loaned to the Wintermute team. pic.twitter.com/JYZ8h4b66l

— Manta Network (,) (@MantaNetwork) August 15, 2025

Another key aspect of the agreement is that the liquidity provided by Wintermute will help reduce $MANTA price volatility and boost trading volume. This allows institutional investors and high-volume traders to enter the market more safely. Manta Network’s initiative is considered a critical step in enhancing the project’s credibility and visibility within the decentralized finance (DeFi) ecosystem.

MANTA (MANTA) Price Overview

Manta (MANTA) rose by 5.33% in the last 24 hours, reaching $0.23. This increase was driven by growing investor interest and the confidence that liquidity support mechanisms bring to the market. The announcement of the liquidity agreement strengthened investor confidence, boosting buying pressure and trading volumes. Additionally, these developments increase Manta’s visibility in the altcoin market and signal positive long-term growth potential for the project.

This content is not financial advice. Cryptocurrency markets are highly volatile, and it is important to conduct your own research before making any investment decisions.

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Rethinking Wallet Infrastructure

Founded in 2022 by former Coinbase Custody engineers, Turnkey provides next-generation wallet infrastructure. Its embedded wallet technology eliminates the need for vulnerable seed phrases, making it easier and safer for developers to integrate crypto into their platforms.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Notable clients include Web3 platform Alchemy, NFT marketplace Magic Eden, and prediction market Polymarket. The company has now raised $30 million in a Series B round led by Bain Capital Crypto, with participation from Sequoia Capital, Galaxy Ventures, Lightspeed Faction, Variant, and Wintermute Ventures. This brings Turnkey’s total funding to $50 million.

Building the Future of Digital Finance

With the new funding, Turnkey plans to scale its engineering, product, go-to-market, and operations teams. Focus areas include modular payment infrastructure, AI-powered agents, and decentralized finance applications.

The company emphasizes that less than 10% of the global population currently uses crypto. Yet, the infrastructure being built today will be crucial in shaping the next decade of digital finance.

Rising Demand for Infrastructure

Investor interest in blockchain infrastructure has surged in recent years. In 2022, Fireblocks raised $550 million, while Blockdaemon secured $362 million across two rounds. Privy, a direct competitor to Turnkey, also raised a total of $40 million earlier this year.

According to Market Research Future, the blockchain infrastructure market is projected to grow from $27.4 billion in 2025 to $221.4 billion by 2034. Its applications are expected to expand beyond crypto into supply chain management, energy systems, and disaster recovery.

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What Caused the ACT Crash?

The ACT crash may be linked to leverage trading changes on Binance. The exchange announced margin adjustments for ACTUSDT and five other altcoins, but since other tokens listed in the update didn’t suffer similar declines, market observers speculated on alternative causes.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Some traders believe that the new ACTUSDT perpetual contract margin change may have triggered a liquidation event for a market maker, forcing them to sell other tokens. Arkham data suggests that Wintermute, a major market maker, sold a significant amount of ACT on April 1.

Binance’s Statement!

Binance later confirmed that the ACT crash resulted from spot market sales by four accounts. Three VIP users sold around 514 million USDT worth of ACT, while a non-VIP user liquidated 540,000 USDT worth of ACT.

These sales caused ACT’s price to plummet rapidly, dragging other low-market-cap tokens down with it. Binance stated that its investigation is ongoing.

ACT’s Market Value and History

ACT was a key player in last year’s Solana-based AI memecoin boom, combining viral meme culture with AI hype.

At its peak, ACT reached a market capitalization of $890 million, becoming one of the few AI memecoins listed by Binance. However, its value has since plummeted over 85% to around $95 million.

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According to data shared by crypto analytics firm Lookonchain, an insider whale made a significant purchase in a newly launched memecoin.
Whale, altcoin, memecoin, CAT, Lookonchain, Wintermute, Solana, price, market cap, risk
The data shows that the insider created a completely new crypto wallet and used $230,000 worth of Solana coins to purchase 63.2% of the total supply of the memecoin called CAT as soon as it was released.

Following the purchase, the whale sold some of the CAT tokens for $5 million, after which the token’s price skyrocketed.

Another whale also appears to have made a large purchase of the token. A crypto wallet believed to belong to market maker Wintermute used $301,000 worth of Solana tokens to purchase CAT tokens and currently holds an unrealized profit of $886,000 as of this writing.

CAT’s total market capitalization has reached $25 million as of this writing. However, memecoins are known to be highly volatile and risky assets, with no intrinsic value other than the expectation of a price increase.

The post Whale Buys Over Half of This Altcoin’s Supply! appeared first on Coin Engineer.

The CEO of Wintermute, Evgeny Gaevoy, made his mark too, as he pointed out how crypto ETFs provide a way for all investors, including retail and institutional, to get access to the crypto market sphere in a government-regulated and government-approved investment vehicle. He underscored the significance of crypto ETFs in gaining the attention of all types of market participants in the crypto world.

Transaction, and also some of the ETH plays for OSL and HashKey. In terms of services, Wintermute will act as a market maker, which means it will help in buying, selling, and delivery for the ETFs under the control of the companies. This model provides for both the issuance and buying back of obligations, which is favorable for investors. This creates a suitable environment for liquidity improvement and the efficiency of the market.

Gaevoy emphasized that Hong Kong had played a pivotal role as an industry-leading crypto adopter in the Asia-Pacific region. He emphasized that the progress of other countries in this area is a confident precondition for success since, moving forward, the market will become rather widespread, but the integration process might be slowed down.

While they have aroused initial optimism, the ETFs that launched Hong Kong-listed bitcoin have been rather sluggish in view of the fact that their U.S. counterparts have had a far more impressive start than them. According to the latest official update, these ETFs will have a combined total of about $276 million in assets under management and could own as much as 4,400 bitcoins.

Wintermute’s Asian market expansion is one of the numerous ways that crypto platforms are now looking to the East in their search for further prospects that go beyond the usual strongholds. Due to its participation in the liquidity provision for the Hong Kong ETFs, Wintermute strives to use its economy of expertise to widen asset investors’ ecumenical adoption of digital assets throughout the region.

The post Wintermute to Provide Liquidity for Hong Kong Bitcoin and Ether ETFs appeared first on Coin Engineer.

You might like: Woo Network ‘s Founders’ Company Got Hacked!

WOO said it has received new funds from designated market makers, and the companies that provided funding include Wintermute, Selini Capital, Time Research, Presto Labs, Pulsar, AlphaLab Capital, Efficient Frontier, Amber, and Riverside Hedge.

Jack Tan, co-founder of WOO, said in a statement that he is excited to share the expanding relationship of market makers on WOO X, and that he expects liquidity on WOO X to increase significantly in the coming months as it recently launched Bitcoin (BTC) and Ethereum (ETH) perpetual futures, and plans to expand altcoin perpetual futures in the future.

WOO had announced last year that it was restructuring its business model and that its goal was to move away from a single liquidity provider, Kronos Research, by partnering with more liquidity providers for its perpetual futures markets.

In November 2023, Kronos was reportedly the victim of an attack that caused an estimated $25 million in losses. Following the incident, Kronos halted trading, which caused problems for WOO X, which Kronos served as its main market maker.

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