Bitcoin News Today: Wintermute Denies Legal Claims Amid Bitcoin's Critical Support Test

Bitcoin's price action has intensified scrutiny as the cryptocurrency tests critical support levels near $105,000–$110,000, with traders and analysts debating whether it can replicate past rebounds amid a volatile market environment, according to a Coinpedia report. The asset's recent struggles, coupled with broader crypto market turbulence, have raised concerns about liquidity and investor confidence. Meanwhile, the fallout from a sharp October flash crash—where Bitcoin plummeted 15%—continues to dominate headlines, despite denials from key players like Wintermute, as noted in that Coinpedia coverage.

The crypto market's fragility was underscored this week as Bitcoin tumbled below $109,000, dragging the global market cap under $4 trillion following the U.S. Federal Reserve's 25-basis-point rate cut, per The Economic Times report. Ethereum and major altcoins also slid 3–4%, with total value dropping to $3.68 trillion. Analysts attributed the downturn to a combination of profit-taking and heightened sensitivity to macroeconomic signals, particularly as the Fed hinted at uncertainty over future rate cuts. "The tightening correlation between crypto and U.S. equities has amplified volatility," noted CoinSwitch Markets Desk, adding that over $523 million in positions were liquidated in 24 hours, according to the same Economic Times coverage.

Amid the turmoil, rumors of legal action between Wintermute and Binance resurfaced, sparking panic after Bitcoin's October flash crash wiped out $20 billion in leveraged positions, as first reported by Coinpedia. The speculation, fueled by a social media post from user WhalePump Reborn, alleged that Wintermute—a major liquidity provider—would sue Binance for losses linked to a flawed auto-deleveraging mechanism. Wintermute CEO Evgeny Gaevoy swiftly dismissed the claims as "complete nonsense," emphasizing no such plans exist, and Binance's former CEO, Changpeng Zhao, also urged caution, warning of misinformation's rapid spread in crypto markets during downturns; these rebuttals were covered in the Coinpedia article.

While Bitcoin's short-term outlook remains uncertain, some analysts pointed to historical patterns as a potential silver lining. November has historically been bullish for Bitcoin, with positive returns in eight of the past 12 years, a point highlighted in The Economic Times piece. Additionally, whale activity hit a two-month high, suggesting accumulation ahead of a possible rebound. However, technical indicators paint a mixed picture. Bitcoin's 200-day moving average and Fibonacci retracement levels between $105,000–$110,000 are critical for stabilizing momentum, a detail also explored in Coinpedia's reporting.

In contrast, Solana emerged as a relative bright spot, with its ETFs attracting $70 million in inflows over five consecutive days despite broader crypto weakness, according to a Coinpaper report. Bitwise's Solana ETF (BSOL) led the charge, amassing $421 million in its debut week—surpassing even BlackRock's Bitcoin Trust. The fund's success was attributed to its competitive 0.20% fee structure and Solana's strong on-chain metrics, which have drawn institutional interest, as the Coinpaper coverage explains. Yet, Solana's price fell 11% in 24 hours to $156.90, with analysts watching the $150–$156 range as a key support zone.