Dragonfly Managing Partner Haseeb Qureshi said the market responded entirely differently to a Binance hack involving over $6 billion than to FTX's collapse. Qureshi said Bitcoin and the wider crypto market declined only a few percentage points despite the amount involved being about 25% below FTX's funding gap. Qureshi said the market generally expects Binance to repurchase the affected assets and absorb the losses. Qureshi argued that the response demonstrates that the crypto industry has matured and progressed.