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Cathie Wood and Changpeng Zhao discussed Bitcoin’s market cycles and the October 11 crypto flash crash during a podcast conversation that quickly spread across the crypto community.
The October 10–11, 2025 flash crash was described as one of the largest sell-offs in crypto history, wiping out more than $19.5 billion in leveraged positions within 24 hours. The panic reportedly began after President Trump proposed 100% tariffs on Chinese imports.
At the time of the crash, Bitcoin was said to have been near a peak of $125,000 before dropping to $101,000 within hours. The article notes that Bitcoin has since failed to return to its all-time high.
During the podcast, Wood said Binance was not responsible for triggering the sharp market collapse seen during the October 11 crash.
“We know there was a software glitch, but Binance did not trigger the flash crash,” she said, adding that broader tariff-related panic and extremely nervous market conditions likely worsened the selloff.
Zhao thanked Wood for the clarification, saying her earlier comments had been widely circulated in Chinese media and interpreted by many as blaming Binance.
“That statement was widely quoted by the media,” Zhao said. “Many people said Binance caused the collapse. I’m glad you’re clearing this up now.”
Wood also acknowledged she was unaware her previous comments had been taken out of context as widely as they were.
The discussion later shifted to Bitcoin’s future and whether the traditional four-year crypto cycle is still unfolding.
Zhao said Bitcoin showed weakness entering 2026 after a strong 2025 rally, but argued that several major macro factors could help speed up recovery this time.
Zhao pointed to improving stock market conditions under President Donald Trump’s administration, saying that when equities do well, investors have more free cash and may diversify into crypto.
He also cited rising geopolitical tensions and growing interest in gold as signals that Bitcoin could remain active as an alternative asset.
Despite ongoing volatility, Zhao said holding above previous major support levels is encouraging and suggested the current correction could recover faster than prior bear-market cycles.
“I’m hoping the worst part is over,” Zhao said, while noting that his comments were “not financial advice.”
Wood supported Bitcoin’s long-term outlook, saying institutional investors are increasingly stepping in during corrections. She said many institutions had been waiting for a pullback associated with the traditional four-year cycle before increasing exposure.
The conversation concluded with Bitcoin attempting to regain momentum after recent turbulence, as investors watch for signs that the next major rally is forming.
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