A sell-off is not proof that one exchange caused it

It is not always and not only #Binance !

I want to say a few words about the current market sell off.

You know I am at the VERY front when it comes to criticizing Binance, but right now it is turning into a farce because many accounts are just parroting each other.

Right now, a large part of the instability comes from the political climate in the USA and the uncertainty linked to Trump’s policy direction.

Not every sell you see from Binance, in Bitcoin ETFs, or on other centralized venues is manipulation.

If you jump on the bandwagon, at least do it factually and correctly.

I see many accounts jumping on a Binance narrative and calling every market sell manipulation. It is not that simple, and you undermine serious analysis when you label every red candle as foul play.

Much of what looks like dumping is simply normal user flow hitting the order books.

Market makers and liquidity providers absorb that flow, reprice the book, and keep markets tradable. On charts, especially in thin altcoin pairs, this can look violent, but it is often mechanical rather than malicious.

The same applies to BlackRock’s Bitcoin ETF and similar products. Most trading happens between investors on the stock exchange.

The fund itself only buys or sells Bitcoin when authorized participants create or redeem ETF shares. That is a rules based process, not discretionary market timing.

The real issue is opacity from and because of Binance.

We have almost no insight into the internal risk management, inventory, and positioning of Binance, which is one of the largest custodians of user crypto and the main price discovery venue for many USDT pairs.

When stress hits, Binance’s liquidation engines, margin systems, and liquidity routing can influence the entire market, and outsiders cannot see how this is handled in real time.

The 10.10 event stood out because price behavior on Binance diverged sharply from other exchanges across many pairs.

It shows how exchange specific mechanics can amplify volatility far beyond what normal user selling would suggest.

Now add the macro backdrop guys.

Recent US policy shifts have created a level of uncertainty that global markets struggle to price in. Trade partners question reliability. Alliances are strained. Countries are accelerating efforts to reduce dependence on the USA in trade, finance, and settlement systems.

It does mean confidence in its stability and predictability is weakening.

At the same time, high US debt, confrontational political rhetoric, and unpredictable decisions in foreign and economic policy contribute to a global risk off environment.

When trust in the stability of one of the world’s largest economy and reserve currency issuer weakens, investors reduce exposure to volatile and speculative assets first.

Crypto is often among the first to feel that pressure.

See gold and silver atm. Even them are tanking.

I said it last year and I will say it again. As long as US politics continues to generate this level of uncertainty and policy volatility, crypto markets will struggle to find sustained stability.

We should leave fake news to the fools. Counter with facts and demand data.

Do not just shout the easy narrative. Otherwise we become like the ones we want to fight.