🚨 $6.3 billion stolen from Binance; Bitcoin plunged from 81,971 to 76,500. Standard Chartered says bluntly: the bottom isn’t in yet!
▪️ $BTC is now at 77,842, down 3.0% in 24 hours; the biggest drop from high to low was 6.7%
▪️ About $1.5 billion in liquidations across the market; BTC alone accounted for $468 million, mostly long positions
▪️ The BTC bid-ask spread on Binance briefly widened to 5 times its usual level, as market makers struggled to move funds
▪️ Meanwhile, U.S. spot BTC ETFs saw net inflows for 4 straight days, totaling $440.8 million; BlackRock’s IBIT alone took in $410.6 million
Kendrick at Standard Chartered put it bluntly: prices could fall further before the frozen assets are released and more details about the hack emerge.
My personal take: institutions are picking up coins on the sidelines while retail traders are getting liquidated. Whether 76,500 holds will determine if the next move is a rebound or another leg down to find a bottom.
Are you buying the dip now, or waiting until withdrawals resume?
#BTC #BinanceHack
▪️ $BTC is now at 77,842, down 3.0% in 24 hours; the biggest drop from high to low was 6.7%
▪️ About $1.5 billion in liquidations across the market; BTC alone accounted for $468 million, mostly long positions
▪️ The BTC bid-ask spread on Binance briefly widened to 5 times its usual level, as market makers struggled to move funds
▪️ Meanwhile, U.S. spot BTC ETFs saw net inflows for 4 straight days, totaling $440.8 million; BlackRock’s IBIT alone took in $410.6 million
Kendrick at Standard Chartered put it bluntly: prices could fall further before the frozen assets are released and more details about the hack emerge.
My personal take: institutions are picking up coins on the sidelines while retail traders are getting liquidated. Whether 76,500 holds will determine if the next move is a rebound or another leg down to find a bottom.
Are you buying the dip now, or waiting until withdrawals resume?
#BTC #BinanceHack