Not Binance: Bitcoin Analyst Who Bought At $1 Revealed What Really Caused The October 10 Crash

A veteran Bitcoin evangelist who entered the market when most people had never heard the word “blockchain” is now pointing the finger at the Trump family, not a crypto exchange, as many think, for the liquidation chaos that shook the crypto industry last October. 

Davinci Jeremie, one of the earliest known Bitcoin adopters, recently shared his unfiltered take on what he believes caused the October 10, 2025, crash.

What Davinci Jeremie Actually Believes

The October 10, 2025, crypto market crash is one of the most debated events of the current cycle, with traders still split over what really triggered the sudden collapse in price. In the months since, several theories have surfaced, ranging from Binance-led liquidations to coordinated sell attacks.

Speaking on The Sujal Show, Jeremie offered a perspective that was politically charged. In his view, the Trump family’s financial interests provide a simpler explanation for what happened to the crypto market on that day.

“I think obviously the Trump family. It’s clear right now that the Trump family wants to push crypto down so that they can get as much as they want,” Jeremie said.

According to the early Bitcoin believer, wealthy participants approach markets differently. In his words, short-term thinking dominates retail behavior, with many looking for quick gains or rapid wealth creation. Large players, however, operate on extended timelines, often spanning five to ten years. “If you’re wealthy, you don’t think in short terms as most people do; you think in long terms,” he said.

The Binance Theory That Took Over Crypto

Jeremie’s take stands in opposition to the explanation that dominated industry discourse in the months following October 10. 

The October 2025 crypto crash, primarily on October 10, saw over $19 billion in leveraged positions liquidated within 24 hours. The sell-off began shortly after Donald Trump signaled plans to impose an additional 100% tariff on Chinese imports. That caused traders to dump risky investments, from stocks to Bitcoin. However, that crash was much more pronounced on the crypto market than expected.

After the immediate aftermath of the crash, much of the attention was directed to crypto exchange Binance. The exchange quickly became the focal point of speculation, with many pointing to liquidation cascades on its derivatives platform as the primary reason for the crash.

The theory was amplified after OKX CEO Star Xu went public with his criticisms, which were based on Binance’s promotional campaign that offered 12% APY on USDe. 

According to Star Xu, the campaign by Binance blurred the line between USDe and stablecoins like USDT and USDC, and retail investors were not aware of the systemic risks relating to the synthetic stablecoin ecosystem.

Davinci Jeremie is known as one of the earliest Bitcoin adopters, having entered the market when BTC was trading around $1. His reputation grew significantly years later when an old YouTube video resurfaced of him urging viewers to buy at least $1 worth of Bitcoin. The clip has since become one of the most referenced moments in crypto history.