The crypto sector is looking forward to Valentine’s Day on February 14 with great interest. However, this year is not about celebrating love for them. Instead, it will involve the 13F filings expected to be filed that day, as cryptocurrencies are still searching for answers to how the October 10 crash happened last year.
Search for 13F registrations and why
A 13F documents are required SEC disclosures and apply to institutional investment managers with more than $100 million in assets under management consisting of U.S. equities. Long equity/ETF positions are published quarterly and typically submitted within 45 days of the end of the quarter.
Speculation about
The filings could reveal unexplained disappearances of large positions, sharp declines in ETF holdings, or even other anomalies in the filings by Hong Kong or other market participants with outsized cryptocurrencies.
Based on the announcements, it would be possible to more accurately conclude who was significantly affected by the crash, especially if TradFi players were also affected.
However, the views of traditional financial players are generally opaque enough to fuel the theory that Valentine’s Day announcements could narrow the current suspects or reveal structural shifts.
There is ongoing speculation about who or what caused the crash
On October 10, the crypto sector experienced a liquidation wave that many are calling the largest single-day liquidation event to date. More than $19 billion in leveraged positions were liquidated in about 24 hours through forced closes, and BTC fell sharply, while many altcoins fell even more.
Downhill after October 10, 2025
The cascading effect was extreme and even now, months later, the industry is still talking about it. Initially it was linked to macro and geopolitical factors. However, it became clear that the crypto sector suffered the most, as we reported.
It didn’t help that industry leaders like OKX’s CEO pointed the finger at Binance, blaming the largest exchange for managing positions in the risky asset.
However, Yevgeny Gaevoy, CEO of Wintermute, expressed skepticism that the October 10 crash had anything to do with the activities of any stock or market leader. Gaevoy also said the situation was similar to that of FTX. They say it took longer for people to become aware of it, but it’s clearly of the same caliber.
Franklin Bi, a partner at Pantera Capital, assumed the crash had occurred “someone associated with a large organization outside the crypto sector, possibly in Asia, with very few crypto partners”.
According to some of the most plausible explanations behind the crash: “is a large non-crypto organization likely based in Hong Kong.they alluded.
However, these can only be regarded as speculation for the time being. However, the SEC reports due on February 14 could provide some answers… If there are any.
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