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  1. Home
  3. Analyses
  5. Investigations
  7. Opinion What Really Happened During October 10 Crypto Crash

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Market Cap: $1,295,809,021,606

Table of Contents

  • Context of the October 10 Crash
    • A Look at the Situation
    • A Market Left to Itself
  • A Liquidity Problem
    • The Role of Market Makers
    • Timeline of Events
    • A Catalyst for the Crash
  • A Targeted Attack on Binance?
    • What Happened
    • Possible Explanations
    • The Wintermute Case
  • What Should We Take Away From This?
Premium content

Opinion: What really happened during the October 10 crypto crash

Published onOctober 13, 2025Updated onDecember 5, 2025

BitcoinBTBitcoin+0.50%
Opinion: What really happened during the October 10 crypto crash
MakeOAK Researchpreferred on

A few hours after the historic October 10, 2025 crash, it’s time to take a first look at what really happened. Behind the convenient excuse of Donald Trump’s announcement lies a harsher truth. The market collapsed on its own: empty order books, vanished liquidity, and absent market makers. Was it a major systemic failure, a targeted attack on a specific actor, or a coordinated breakdown among market makers? Here’s our investigation.

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