There’s growing excitement in the Kaspa community after trader Christian Ludwig shared a long post on X explaining why he believes Binance might be close to listing Kaspa (KAS) on its spot exchange.
Ludwig says the timing of events tells a clear story. Kaspa hit its peak right when Binance launched KAS futures, but without a spot listing. That setup allowed market makers to short futures while quietly buying the token on the open market. “This has been the playbook for Binance and Wintermute all cycle,” he wrote, adding that this explains why most crypto rallies this year have retraced so sharply – the smart money was still buying.
He also mentioned that wallet #2 on the Kaspa network is likely controlled by Wintermute, a well-known market-making firm. As trader @SkiBumTrading pointed out, the wallet’s buying and selling patterns look too structured to be random. What’s even more interesting is that this wallet started accumulating right after Kaspa’s top – the same time Binance listed KAS perpetuals.
Kaspa peaked when Binance launched futures
— Christian Ludwig (@christi61026749) October 6, 2025
When the largest exchange In the world launches futures on an asset, especially without launching spot in tandem, it allows for market makers to short and buy spot.
This has been the playbook with Binance and Wintermute all cycle as… https://t.co/FoOrHvVkTQ
Ludwig believes this quiet accumulation phase could now be ending. “There should be a Binance spot listing soon,” he wrote. He added that Binance has been working with Kaspa on wallet integration, and once that’s done, an announcement could follow.
He also pointed out that Kaspa was a fair launch, meaning Binance and Wintermute had to buy tokens with their own money – not receive them for free. “Now that they’ve spent millions accumulating, it’s in their interest to push the price up,” he said. “Once they finish buying, they’ll want to make money from their investment, not sit in a bear market.”
Read also: Kaspa Price Prediction for the Week
What the Kaspa Chart Shows
The chart shared by @SkiBumTrading supports that view. It highlights several large inflows over the past months – around $3.8 million, $2.4 million, and $2.1 million worth of KAS – showing strong demand each time the price dipped.
Kaspa is now trading around $0.0815, up more than 8% this week, and the chart shows a clear breakout from a long consolidation wedge. If that move continues, it could signal that the market is ready for another leg higher – possibly right before the long-awaited Binance listing.
Ludwig ended his post with a line that sums up his view:
“A powerful entity wanted a bear market to accumulate. Once they’ve accumulated, they don’t want a bear market anymore.”
If he’s right, that means the accumulation is done – and the next move could finally take Kaspa to new highs.
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