A veteran Bitcoin evangelist who entered the market when most people had never heard the word “blockchain” is now pointing the finger at the Trump family, not a crypto exchange, as many think, for the liquidation chaos that shook the crypto industry last October. Davinci Jeremie, one of the earliest known Bitcoin adopters, recently shared his unfiltered take on what he believes caused the October 10, 2025, crash. What Davinci Jeremie Actually Believes The October 10, 2025, crypto market crash is one of the most debated events of the current cycle, with traders still split over what really triggered the sudden collapse in price. In the months since, several theories have surfaced, ranging from Binance-led liquidations to coordinated sell attacks. Related Reading: Expert Analyst Says Bitcoin Expansion Is Over, It Won’t Rally Until This Is Over Speaking on The Sujal Show, Jeremie offered a perspective that was politically charged. In his view, the Trump family’s financial interests provide a simpler explanation for what happened to the crypto market on that day. “I think obviously the Trump family. It’s clear right now that the Trump family wants to push crypto down so that they can get as much as they want,” Jeremie said. According to the early Bitcoin believer, wealthy participants approach markets differently. In his words, short-term thinking dominates retail behavior, with many looking for quick gains or rapid wealth creation. Large players, however, operate on extended timelines, often spanning five to ten years. “If you’re wealthy, you don’t think in short terms as most people do; you think in long terms,” he said. The Binance Theory That Took Over Crypto Jeremie’s take stands in opposition to the explanation that dominated industry discourse in the months following October 10. The October 2025 crypto crash, primarily on October 10, saw over $19 billion in leveraged positions liquidated within 24 hours. The sell-off began shortly after Donald Trump signaled plans to impose an additional 100% tariff on Chinese imports. That caused traders to dump risky investments, from stocks to Bitcoin. However, that crash was much more pronounced on the crypto market than expected. Related Reading: Bitcoin Roadmap To $300,000: Analyst Shares Step-By-Step Guide To The Top After the immediate aftermath of the crash, much of the attention was directed to crypto exchange Binance. The exchange quickly became the focal point of speculation, with many pointing to liquidation cascades on its derivatives platform as the primary reason for the crash. The theory was amplified after OKX CEO Star Xu went public with his criticisms, which were based on Binance’s promotional campaign that offered 12% APY on USDe. According to Star Xu, the campaign by Binance blurred the line between USDe and stablecoins like USDT and USDC, and retail investors were not aware of the systemic risks relating to the synthetic stablecoin ecosystem. Davinci Jeremie is known as one of the earliest Bitcoin adopters, having entered the market when BTC was trading around $1. His reputation grew significantly years later when an old YouTube video resurfaced of him urging viewers to buy at least $1 worth of Bitcoin. The clip has since become one of the most referenced moments in crypto history. Featured image from Pngtree, chart from Tradingview.com
Ethena’s synthetic dollar, USDe, shed over $2 billion in market capitalization after briefly losing its dollar peg on Binance. The flash event exposed structural risks in crypto’s stablecoin plumbing. According to CryptoSlate data, USDe’s market value dropped from $14.8 billion on Oct. 10 to $12.6 billion by Oct. 12. The decline coincided with a Binance […]
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The biggest crypto market crash came and went over the weekend, but the effects still linger on. Bitcoin, Ethereum, and nearly every major digital asset suffered price crashes, and what began as a panic over former US President Donald Trump’s surprise 100% tariff announcement on Chinese tech exports soon spiraled into over $19 billion wiped from the crypto market. In the aftermath, some analysts and commentators began piecing together what might have really happened, and many now believe that the crash was not natural but a meticulously coordinated event. The Crash Was Too Synchronized To Be A Coincidence Crypto commentator Ran Neuner was one of the first to argue that the weekend collapse appeared far too orchestrated to be random. In a post on the social media platform X, Reuner pointed out that the sell-off began immediately after US markets closed late on Friday, at a moment when both European and Asian trading desks were asleep. Related Reading: Crypto Crash: $19.5 Billion Wiped Out In Record-Breaking Liquidation Event At the same time, several major oracles began showing inconsistent price data, liquidity across exchanges evaporated, and many users reported being unable to access trading platforms to buy the dip or close positions. Furthermore, crypto data platforms like CoinGecko were either offline or displaying incorrect information, so users had no data about the crash. According to Neuner’s assessment, this was not a string of isolated glitches but a chain reaction of failures happening simultaneously across the ecosystem. This looked like some players had pulled the right levers at exactly the right time, and the crash “was a highly coordinated and well executed attack.” Binance’s Collateral System Was Exploited? Another theory that has gained traction came from a commentator known as ElonTrades, who proposed that the crash was caused by an exploitation of a weakness within Binance’s internal pricing mechanism. His analysis suggests that the event wasn’t a spontaneous panic but a calculated attack that used Binance’s own systems against itself, with the shock of Trump’s tariff announcement serving as the perfect cover. Related Reading: Institutions Dump Massive Amounts Of Bitcoin And Ethereum As XRP And Solana Buying Ramps Up According to ElonTrades, Binance’s Unified Account system, which allows traders to use multiple assets as collateral for leveraged positions, had been operating with a significant vulnerability. Instead of relying on external oracle feeds or stable redemption values to mark collateral, the exchange used its own order-book prices. This meant that if someone could manipulate the price of a collateral asset within Binance, they could instantly devalue billions of dollars in margin accounts. Binance had already announced plans to move to oracle-based pricing, but the rollout wasn’t until October 8. Some traders began dumping $60million to $90 million of USDe and other tokens like wBETH and BNSOL on Binance to force their internal prices down, even though those same assets maintained normal value elsewhere. The artificial plunge in price caused the platform’s margin system to view thousands of leveraged accounts as under-collateralized and caused automatic liquidations. That localized depeg triggered between $500 million and $1 billion in forced liquidations. At the same time, these actors opened $1.1 billion in BTC/ETH shorts on Hyperliquid to take advantage of the depeg, which eventually netted $192 million in profit. Just as the forced liquidations began, Trump’s 100% tariff announcement hit global headlines, adding panic and confusion to the mix. Within hours, the liquidation chain had spread to other exchanges. Regardless of the reason behind the crash, Bitcoin and other cryptocurrencies are starting to recover. At the time of writing, Bitcoin is trading at $115,025, up by 2.85 in the past 24 hours. Ethereum is trading at $4,160, up by 8.5% in the past 24 hours. Featured image from Adobe Stock, chart from Tradingview.com
The supposed de-pegging was only limited to Binance while deviations were much more restrained on other major liquid avenues like Curve.
The new investment builds on previous purchases of ENA and USDe, its synthetic stablecoin that tracks the value of the dollar without traditional reserves.
If you thought studying the world’s idle capital was akin to watching paint dry, think again. There’s a new reality show on the blockchain called synthetic stablecoins, and it’s packed with action, intrigue, and more market moves than a Wolf of Wall Street outtake. Remember the days when stablecoins were the dullest asset in the […]
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Ethena’s synthetic stablecoin, USDe, has climbed to over $13 billion in circulation less than a day after it was listed on Binance. DeFiLlama data shows supply jumped nearly 2% in 24 hours to about $13.2 billion, making it the fastest-growing stablecoin in the past day. This rapid expansion has been ongoing over the past month, […]
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Ethena Labs has expanded the list of eligible assets to support its synthetic dollar, USDe, by approving BNB, XRP, and Hyperliquid’s HYPE. The move is part of a new Eligible Asset Framework that sets clear benchmarks for which tokens can be used in the stablecoin’s collateral system. Liquidity concerns According to the Ethena Risk Committee, […]
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USDe has set a new industry record by hitting $10 billion in total value locked (TVL) in just 500 days, making it the fastest stablecoin in history to reach that milestone. The protocol behind USDe, Ethena Labs, posted: “everyone wants to know what we’d say if we didn’t reach $10b supply i guess we’ll never […]
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In just 20 days, USDe added over $3.1B in supply, eclipsing inflows into BlackRock’s IBIT and ETHA combined. Reflexive market dynamics and rising yields are fueling the stablecoin’s explosive growth.
The Ethena Foundation is making a bold push into the public markets by creating a new stablecoin-focused treasury firm, StablecoinX Inc. According to a July 21 statement, the company will go public through a merger with TLGY Acquisition Corp. As part of the deal, StablecoinX plans to invest $360 million into the buyback and accumulation […]
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Ethereum's ether is outperforming bitcoin amid expectations that the GENUIS Act will ban yield-bearing stablecoins.
Ethena Labs, the team behind the synthetic dollar USDe, has announced a strategic partnership with the TON blockchain. According to a May 1 statement, this move brings both USDe and its yield-generating counterpart, sUSDe, directly into the Telegram ecosystem. Ethena said: “This represents one of Ethena’s most meaningful launches to date. [Telegram] Users within [in […]
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The investment aims to boost stablecoin adoption and crypto accessibility.
The Edge Proof of Reserves Oracles provide a real-time, transparent mechanism to verify that token issuers like Ethena hold sufficient reserves.
USDe's market cap has jumped to around $6 billion this month, becoming the third largest stablecoin behind Tether's USDT and Circle's USDC
Stablecoins and liquid staking tokens are continuing to drive TVL growth across DeFi.
The Aave community has pushed back against the proposal, questioning whether it addresses the core risks.
Ethena’s “singular focus” for the first quarter of 2025 is the distribution of the “TradFi Wrapped” iUSDe synthetic dollar.
Ethena’s USDtb has already amassed more than $65 million in total value locked on the opening day.
The CeDeFi stablecoin has attracted billions of inflows due to double-digit staking yields.
Ethena’s synthetic USDe dollar has emerged as the fastest-growing USD-pegged stablecoin over the past 30 days after its market capitalization skyrocketed 73% to an all-time high of $4.77 billion. The surge has propelled USDe to become the third-largest stablecoin, surpassing DAI’s $4.7 billion market cap. However, USDe still lags behind Tether’s USDT at $135 billion […]
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Stablecoins trading volume saw a sharp increase, placing monthly volumes on exchanges on track to new highs in 2024.
According to Deribit, the exchange will include USDe in its cross-collateral pool as of early January 2025, pending regulatory approval.
Now the protocol is working on a value accrual mechanism for ENA stakers.
The Ethena community is currently reviewing a proposal from crypto market maker Wintermute to activate a fee switch within the protocol. In the Nov. 6 proposal, Wintermute highlighted the lack of clarity regarding the revenue distribution for Ethena’s ENA token. The market maker noted that no clear framework exists explaining how ENA holders might benefit […]
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"Given the uncertainty, Maelstrom has 5% of the fund in staked USDe (Ethena USD), earning roughly 13%," Hayes told CoinDesk.
Trading platforms and regulators are increasingly embracing cryptocurrency as collateral for trades.
Ethena’s synthetic stablecoin USDe can benefit from incorporating UStb during periods of weak funding conditions, Ethena Labs said.
DeFi lending protocol UwU Lend has suffered two attacks in the past three days. The second exploit occurred on Thursday during the protocol’s reimbursement process from the first hack. The ongoing saga has taken around $23 million from the protocol. Related Reading: ZkSync Faces Backlash Amid Token Airdrop Controversy DeFi Protocol Hit With $20 Million […]