Key Points
- The crypto market in 2025 faces scrutiny over market manipulation claims, especially involving Binance and Wintermute.
- Despite the turmoil, global market cap surged by 3.20% as Bitcoin and Ethereum recorded gains.
In the year 2025, the cryptocurrency market is experiencing some turbulence marked by two significant crashes. One was triggered by the launch of DeepSeek, while the other was due to an escalating tariff war.
This downturn has led to speculation about potential market manipulation, with industry giants like Binance and Wintermute under scrutiny. The crypto market witnessed a shocking $2.24 billion in liquidations within 24 hours on February 3rd.
Wintermute CEO Denies Claims
Wintermute’s founder, Evgeny Gaevoy, has refuted these claims. He attributes the liquidation of cryptocurrency to traditional finance events, not actions by industry participants.
Crypto investigator Marty Party has raised concerns about potential market manipulation. He alleges that Binance is directing significant funds towards Wintermute to trigger forced sell-offs and influence trader behavior.
Wintermute’s Role and Market Trend
Despite these claims, Wintermute remains a leading counterparty for Binance. Over the past month, trading volumes reached $34.54 billion, with Wintermute accounting for $14.94 billion.
Market makers like Wintermute play a vital role in maintaining liquidity. However, their actions can intensify selling pressure during downturns.
According to CoinMarketCap data, the global crypto market cap has bounced back to $3.21 trillion, marking a sharp 3.20% increase within 24 hours. Notably, Bitcoin and Ethereum have also seen gains of 3.58% and 3.96% respectively, over the same period.
