A veteran Bitcoin evangelist is pointing to the Trump family — not a crypto exchange — as the culprit behind the liquidation chaos that rocked markets on October 10, 2025.
Davinci Jeremie, one of Bitcoin’s earliest adopters who joined the market when BTC was trading around $1 and later became widely known after an old YouTube clip of him urging viewers to “buy at least $1 of Bitcoin” resurfaced, laid out his view in a recent interview on The Sujal Show. His take runs counter to the dominant explanation that the crash was driven by exchange-driven liquidation cascades.
What happened on October 10, 2025
The October 10 crash remains one of the most disputed events of the cycle. In a 24‑hour span more than $19 billion in leveraged positions were liquidated. The sharp sell‑off kicked off after then‑President Donald Trump signaled plans to impose an additional 100% tariff on Chinese imports — a macro shock that prompted investors to dump risky assets from stocks to crypto. Still, the severity of the move in digital assets surprised many observers.
The prevailing narrative since then has centered on Binance. Analysts and market participants pointed to liquidation cascades on major derivatives platforms as amplifiers of the decline. OKX CEO Star Xu publicly criticized Binance’s promotional campaign for USDe — a synthetic stablecoin product that offered 12% APY — arguing the campaign blurred distinctions between USDe and traditional stablecoins like USDT and USDC and obscured systemic risks in the synthetic stablecoin ecosystem.
Jeremie’s alternative: a political money move
Jeremie dismissed the exchange‑first explanation and offered a politically charged alternative: wealthy actors tied to the Trump family were motivated to push crypto prices down to buy in at lower levels. “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,” he said on the show.
He framed the argument around time horizons and behavior: retail traders chase quick gains, while large, wealthy participants operate with multi‑year horizons. “If you’re wealthy, you don’t think in short terms as most people do; you think in long terms,” Jeremie said, implying that coordinated, long‑game buying could explain the market’s unusual dynamics that day.
An open question
Jeremie’s view underscores how politicized and speculative the post‑crash narrative has become. Whether the episode was primarily an exchange liquidity event, a macro shock exacerbated by leverage, or influenced by politically connected buying remains a subject of heated debate across crypto circles.
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