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What Triggered the $500B Crypto Meltdown? Binance, Wintermute, and Geopolitics Collide
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CoinGape Newsletter
October 13, 2025
The largest-ever crypto market crash erased over $500 billion in total market cap and triggered nearly $20 billion in liquidations of top crypto assets. Lower timeframes charts revealed Bitcoin broke to a low of $104,582 and Ethereum to $3,460. The crypto community primarily blames crypto exchange Binance, market maker Wintermute, and US President Donald Trump for the flash crash.
Bitget has published its 2025 Crypto Market Confidence and Bitcoin Investment Trend report for the third quarter. The report revealed that there’s high crypto adoption rates by investors all over the world. The research established that 66% of respondents intend to make more crypto investments regardless of economic conditions.
 The crypto market could see a shift amid upcoming key economic events this week. This comes against the backdrop of a government shutdown that has now stretched into its 13th day with no resolution in sight. |  The Bitcoin price has climbed 2.87% in the past 24 hours to $115,063, signaling an early rebound from the recent crash triggered by the US–China tariff shock. Analyst Ted Pillows compared the current correction to March 2020, suggesting such deep drawdowns typically occur before a strong reversal, not at market tops. Meanwhile, the broader market is showing cautious optimism as global equities and crypto recover following easing trade tensions between the two economic giants. |