Why Bitcoin, Ethereum, and Dogecoin Are Falling Harder Than Your Grandma’s Wi-Fi

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The cryptocurrency market has, once again, been hit by a fresh wave of red candles, crashing 4.1% in just 24 hours. Bitcoin, Ethereum, and Dogecoin have all taken a notable dive, falling below the support levels they clung to just last week-oh, how the mighty have fallen.

The descent gained steam after rumors started circulating on X (formerly Twitter, because who needs stability in names?), claiming that Wintermute, one of the biggest market makers in the industry, was preparing to sue Binance over issues related to the October 10 crash. Ah, legal drama. Because we don’t get enough of that in the crypto world already.

And Now, the Lawsuit Drama-Because What’s a Crypto Crash Without One?

Market anxiety reached new heights after the rumor mill cranked out stories that Wintermute, a key player in crypto markets, was about to launch a lawsuit against Binance. The whispers started when a user named WhalePump Reborn tweeted that Wintermute had lost hundreds of millions of dollars and was gearing up for legal action. “It’s not going to be pretty,” they ominously warned, as if this weren’t already a dumpster fire of a situation.

This was followed by another post from a popular X account, StarPlatinum, which elaborated on these rumors, claiming that Wintermute was eyeing legal action over alleged unfair automatic deleveraging (ADL) executions during the October 10 crash. Because when your entire portfolio goes up in smoke, it’s always comforting to know someone else is at fault.

The post went on to describe how Binance’s system overload during the crash led to automatic liquidations at the worst possible price points, wiping out a mind-boggling $19-20 billion in just one day. And just like that, we had the largest single-day wipeout in crypto history. A round of applause for Binance, folks.

Wintermute, for its part, saw its portfolio across Ethereum, Arbitrum, and Solana fall by about $65 million. But there’s a twist-no signs of forced liquidations or major withdrawals on the blockchain. Binance acknowledged the system overload but denied any wrongdoing. Of course, this makes total sense, right?

Wintermute Founder, Evgeny Gaevoy, Laughs Off the Lawsuit Gossip

As the rumors spiraled out of control, Wintermute’s founder, Evgeny Gaevoy, decided to set the record straight on X. Responding to the hoopla, Gaevoy announced that Wintermute had never planned to sue Binance and saw no reason to do so in the future. “I should probably ask to make a note of all the people spreading baseless rumors,” Gaevoy quipped. “But most of the people believing these have goldfish memory capacity, so I won’t.” Well, isn’t that a refreshing dose of honesty?

Gaevoy went on to dismiss the rumors as “complete bullshit” in a direct response to the WhalePump Reborn post. His calm response only added to the absurdity of the situation. It’s as though the entire crypto market were living in an episode of reality TV-too much drama for any sane person to handle.

But, of course, the rumors aren’t the only thing crashing crypto prices. Fed Chairman Jerome Powell’s hints that the central bank might not lower rates any time soon have done their part to add to the selling pressure. Meanwhile, outflows from spot Bitcoin ETFs have continued, making this crash feel like the gift that keeps on giving. According to Farside Investors, Bitcoin ETFs saw outflows starting Monday, marking four straight days of losses. Truly a joyous week in crypto, isn’t it?

At the time of writing, Bitcoin is trading at $104,502, down 2.8% in the past 24 hours. Ethereum has slid to $3,490, down 6.0%. Dogecoin is now worth $0.1618, down a staggering 6.8% in 24 hours. Ah, the sweet smell of disappointment.

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2025-11-04 16:00