Bitget has built its protection fund to $309 million, and withdrawals of major assets have resumed. The earlier security incident involved $388 million.
Resuming withdrawals addresses liquidity fears first; it doesn’t mean the trust discount has disappeared. After a security incident at a CEX, investors reassess tail risk.
$BGB may benefit in the short term as sentiment improves, but with the $309 million protection fund and the $388 million incident side by side, the market won’t remove the risk discount just because withdrawals have resumed.
Watch two things going forward: whether the protection fund continues to replenish and whether withdrawals remain stable. If these two things don’t hold up, the market will reprice Bitget on its own.
Resuming withdrawals addresses liquidity fears first; it doesn’t mean the trust discount has disappeared. After a security incident at a CEX, investors reassess tail risk.
$BGB may benefit in the short term as sentiment improves, but with the $309 million protection fund and the $388 million incident side by side, the market won’t remove the risk discount just because withdrawals have resumed.
Watch two things going forward: whether the protection fund continues to replenish and whether withdrawals remain stable. If these two things don’t hold up, the market will reprice Bitget on its own.
