$6.3B drained from Binance hot wallets, and $BTC only dipped to ~$76.4K. That's the part I keep coming back to.
Facts so far: hot wallets on ~10 chains hit, TRM and Chainalysis point to North Korea's TraderTraitor. About $3B is already frozen (Tether + Circle alone ~$2.4B). Binance says ~90% is covered from treasury, SAFU and the insurance fund. Withdrawals are still paused, reopening is expected around now. First thing I'm checking today.
The bigger damage came from Wall Street. Nasdaq -2.9% Friday, ending October down 5%+ on AI capex fears and Intel's collapse. Crypto stocks got hit from both sides: Coinbase ($COINB ), Strategy ($MSTRB ), Robinhood, Circle all down 5-12%. Spot BTC ETFs bled $643M in a day, ETH ETFs are on 11 straight days of outflows, $ETH sits near $2,250.
My take: the hack is a one-off shock. A Fed that may hike in December is not. While Nasdaq stays weak, I'm not chasing bounces.
#Binance #Bitcoin #CryptoMarket
Facts so far: hot wallets on ~10 chains hit, TRM and Chainalysis point to North Korea's TraderTraitor. About $3B is already frozen (Tether + Circle alone ~$2.4B). Binance says ~90% is covered from treasury, SAFU and the insurance fund. Withdrawals are still paused, reopening is expected around now. First thing I'm checking today.
The bigger damage came from Wall Street. Nasdaq -2.9% Friday, ending October down 5%+ on AI capex fears and Intel's collapse. Crypto stocks got hit from both sides: Coinbase ($COINB ), Strategy ($MSTRB ), Robinhood, Circle all down 5-12%. Spot BTC ETFs bled $643M in a day, ETH ETFs are on 11 straight days of outflows, $ETH sits near $2,250.
My take: the hack is a one-off shock. A Fed that may hike in December is not. While Nasdaq stays weak, I'm not chasing bounces.
#Binance #Bitcoin #CryptoMarket
