Lebit Mining Pool founder Jiang Zhuoer said he is no longer shorting ETH in the current cycle and has shifted that trade to BTC instead. He described his previous approach as staking ETH into WBETH and then opening an equal-sized ETH short in perpetual futures, which he said was effectively equivalent to selling spot holdings while avoiding leverage and liquidation risk. Under that setup, he said he could still keep staking yield, collect long-side funding payments, and reduce exchange risk by depositing only a small amount of ETH as margin. His updated strategy, according to his statement, is to use WBETH as collateral and short an equivalent amount of BTC spot based on the exchange rate. Jiang said BTC has already broken below its rising channel, while ETH remains near the lower edge of its own rising channel. He also pointed to the previous bear market, when ETH and BTC did not bottom at the same time, citing ETH’s low on June 18, 2022 at an exchange rate of 0.05 and BTC’s low on Nov. 21, 2022 at 0.0698. He added that ETH may already have bottomed on June 6, 2026.

Binance said the October 10, 2025 crypto selloff was driven by macro stress, cascading liquidations, market-maker risk controls and Ethereum congestion, while disclosing two platform incidents and $328 million in refunds.

Binance published a blog post rejecting claims that its systems caused the October 2025 flash crash. It argues macro shocks, high leverage and liquidity withdrawal were the culprits, and reveals over $328 million in user compensation. Independent data from Kaiko points to oracle failures that exacerbated the collapse, but Binance insists the three-token depeg occurred after most liquidations.

Former Binance CFO Wei Zhou says weakened trust in centralized exchanges is the key reason for the ongoing crypto bear market, citing the October 2025 liquidation and capital shift to AI. OKX CEO Star Xu supports the view, calling for transparency.

Crypto market cap recovered to $2.93T as BTC flat at $83,914 and ETH dropped 3.5% to $2,701. Fear & Greed Index at 20 (Extreme Fear). Gold crashed 40-year worst, US PPI rose, Binance CZ stressed compliance while launching INXUSDT perps.

Binance has pushed back against claims that a software fault caused the 2025 ‘1011 flash crash,’ arguing the sell-off was driven by macro shocks, liquidity withdrawal, and Ethereum congestion.

The Altcoin Season Index climbs to 41 as Ethereum approaches $4,000. PENGU surges 157% over 90 days. With 241 days since the last altseason, traders anticipate a potential breakout.

WBETH is a liquid staking token tied to ETH and accrued staking rewards. This article explains its mechanism, price data, circulation, storage options, and potential market impact in the Ethereum staking ecosystem.