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Binance’s CZ rejects “fake news” claim of 60,000 BTC BitMEX hedge profits

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Wintermute Dismisses Claims Binance Caused October Crash

CZ denies Binance ever traded on BitMEX or booked 60,000 BTC in hedge profits during the March 2020 crash, calling the viral allegation “fake news” and technically impossible.

Binance founder Changpeng “CZ” Zhao has moved to quash fresh allegations that the exchange secretly booked more than 60,000 BTC in profits by hedging client risk on BitMEX during the March 2020 crash, dismissing the claim as “fake news” and emblematic of the rumor‑driven warfare that still defines much of crypto trading culture.

CZ pushes back on BitMEX hedge narrative

Responding to a viral post from Flood, CEO of fullstack_trade on Hyperliquid, CZ said the allegation that Binance hedged flow on BitMEX for over 60,000 BTC in profit during the Covid‑era liquidation cascade was entirely fabricated. “4. Fake news. They just making things up randomly now. Not sure what their goal is. I feel bad for the people believing this without seeing any proof,” he wrote, adding bluntly that “Binance never traded on BitMex.” Zhao tagged BitMEX co‑founder Arthur Hayes to underline a key operational constraint at the time, noting that “BitMex processes withdrawals only once a day,” a structure that would have made real‑time risk‑hedging of that magnitude effectively impossible.

BitMEX and traders call claim “impossible”

Market participants quickly weighed in to deconstruct the 60,000 BTC storyline. “Exactly. BitMEX’s once-a-day withdrawal window back in 2020 made it impossible for an exchange to use it for a real-time hedge of that size,” commentator Murtuza J. Merchant argued, stressing that “no entity would trap 60,000 BTC in a manual multi-sig during a black swan crash.” He suggested the “60k figure is likely just a garbled memory of old” market anecdotes rather than a verifiable trade record. BitMEX itself has since confirmed that it has no records supporting the alleged flows and pointed to its upgrade from once‑daily batched withdrawals to real‑time payouts as part of broader infrastructure changes since 2020.

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FUD, Binance’s legacy, and market context

Not everyone accepted the “fake news” framing. One critic, posting under the handle Broly, countered that “Binance has had a major role in every major downfall of crypto,” citing the exchange’s role in the FTX collapse, its backing of LUNA before withdrawals were halted, and its influence around other major dislocations. The episode has been widely mocked as yet another round of competitive FUD, but it also underscores how opaque cross‑exchange flows, historical grievances, and incomplete memories can quickly harden into conspiracy narratives in a market that still trades on screenshots and hearsay as often as audited disclosures.

Market prices and further reading

This parabolic move comes as digital assets continue to trade as the purest expression of macro risk appetite. Bitcoin (BTC) is hovering around $68,280, with a recent 24‑hour range between roughly $64,760 and $71,450. Ethereum (ETH) is trading near the low‑$2,000 band, with prediction markets clustering key levels between about $1,940 and $2,100 over the near term. Solana (SOL) changes hands around $78–81, roughly flat on the session after a modest pullback from recent highs.

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Bitcoin is Positioning for ‘War is Ending’ Narrative Ahead of Trump’s Iran Speech

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Bitcoin held steady near the $68,000 range on Wednesday as markets braced for a key speech from President Donald Trump on the Iran war. Reports suggest Trump may signal that the conflict is nearing an end, possibly within weeks, while framing recent actions as a strategic success.

However, despite the “war ending soon” narrative gaining traction, Bitcoin’s intraday data shows a more cautious market beneath the surface.

Rallies Sold, Not Built

Cumulative Volume Delta (CVD) shows a clear trend: sellers dominated most of the day.

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After an early push higher, CVD steadily declined into negative territory. This means more aggressive sell orders hit the market than buys. In simple terms, traders used price strength to exit positions rather than build new ones.

Even during small recoveries later in the day, selling pressure continued. That signals weak conviction behind the upside.

Bitcoin CVD on April 1, 2026. Source: TradingView

Volume Confirms Distribution

On-Balance Volume (OBV) tells a similar story.

While Bitcoin’s price moved sideways for much of the session, OBV trended lower. This divergence suggests that volume flowed out of the asset, not into it.

Put simply, the market was not accumulating Bitcoin. Instead, it was quietly distributing, with sellers outweighing buyers over the full session.

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Bitcoin On-Chain Volume on April 1, 2026. Source: TradingView

Late Buyers Step In — But Lightly

Chaikin Money Flow (CMF) adds a final layer.

The indicator flipped slightly positive toward the end of the day, showing that some buyers stepped in during the final hours. However, the move remained modest and inconsistent.

This suggests dip-buying activity, but not strong or sustained demand.

Bitcoin CMF on April 1, 2026. Source: TradingView

Market Prepares, But Doesn’t Commit

Taken together, the data points to a market positioning defensively.

Bitcoin appears to be pricing in the possibility of de-escalation. Yet traders are not aggressively betting on a breakout. Instead, they are selling into strength and waiting for confirmation.

The pattern aligns with a broader “sell the news” setup.

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Bitcoin Price Chart Over the Past Week. Source: CoinGecko

A Narrative Priced In — But Not Trusted

If Trump confirms a near-term end to the conflict, markets may react positively at first. However, Bitcoin’s flow data suggests that much of this expectation is already priced in.

For now, the market is not chasing the narrative. It is preparing for it — cautiously.

The post Bitcoin is Positioning for ‘War is Ending’ Narrative Ahead of Trump’s Iran Speech appeared first on BeInCrypto.

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Square launches zero-fee Bitcoin payments for US merchants through 2026: Square

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Square launches zero-fee Bitcoin payments for US merchants through 2026: Square


Square is waiving processing fees for Bitcoin payments at US merchants for two years, with instant dollar conversion to reduce adoption barriers.

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$80M Hyperliquid Whale Bet Predicts Bitcoin Crash and Oil Rally

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$80M Hyperliquid Whale Bet Predicts Bitcoin Crash and Oil Rally

Key takeaways:

  • A Hyperliquid whale placed an $80 million bet against Bitcoin and the S&P 500 while going long on Brent crude oil prices.

  • The whale’s history of massive losses and inconsistent signals suggests the trade could fall on the wrong side of the market.

Bitcoin (BTC) showed strength on Wednesday, bouncing back from Tuesday’s $66,000 low after President Donald Trump teased a potential ceasefire in the US and Israel-Iran war. Even with Bitcoin trading above $68,000, one whale used Hyperliquid DEX to place an $80 million bet on a market collapse. 

Traders are now watching closely to see if this whale’s massive position signals a looming Bitcoin price drop.

Hyperliquid whale 0x94d373…c933814 position. Source: CoinGlass

The Hyperliquid whale, linked to address 0x94d373…c933814, carefully built this nearly $80 million leveraged position between Tuesday and Wednesday. The trade includes a $40 million short (sell) on Bitcoin futures near $68,760, a $2 million short on synthetic S&P 500 Index contracts, and a $37 million long (buy) in synthetic Brent oil contracts.

Crude Brent oil (left) vs. Bitcoin/USD (right). Source: TradingView

The whale’s aggregate position leverage stood at 7 times, indicating high conviction. The Bitcoin futures liquidation price was $80,083, while the Brent oil position would be forcefully terminated above $93. The timing of the trade is curious as S&P 500 Index futures gained 4% between Tuesday and Wednesday as traders anticipate the US and Israel-Iran war dissipating over the next few weeks.

On Wednesday, President Trump said “Iran’s New Regime President” is considering a “ceasefire,” although the conditions to fully reopen the Strait of Hormuz remain unknown. Iran demands reparations and sovereignty. Thus, one could assume that the Hyperliquid whale is counter-trading the market’s optimistic take, betting that Brent crude oil prices will jump while Bitcoin loses its value.

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This Hyperliquid whale previously lost $40 million

This address belongs to a particularly unlucky whale, or at least one who has been extremely unsuccessful since late January. The Hyperliquid whale apparently uses bots for execution, given the sheer number of small trades that build into huge positions, but it still managed to lose $37 million in its first month of activity in December 2025.

The same user was flagged by X user ‘lookonchain’ on Feb. 5 after taking a massive loss on leveraged bullish bets on Ether (ETH), Bitcoin, Solana (SOL), and XRP (XRP). 

Source: X/lookonchain

According to the analysis, the whale had previously made $25 million in profits from shorts in multiple cryptocurrencies, but decided to flip the position on Feb. 4, resulting in a $40 million loss. There is no way to know exactly what triggered this entity to place those bets, but the event proves that even whales can misinterpret the market.

Related: Warren Buffett bought $17B in US T-bills: A bad omen for Bitcoin price?

The erratic signals from President Trump regarding a potential full-on invasion and the war in Iran leave room for opposing views. Iranian Foreign Minister Abbas Araghchi denied there were talks for a ceasefire but confirmed to Al Jazeera on Tuesday that there was an intention to end the war, according to CNBC.

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Given the history of this whale’s market positioning and its track record of losing trades, it’s possible that the current $80 million bet may fall on the wrong side of the market.