Bitcoin Falls After Binance Hack: Why I Think the Long-Term Impact Will Be Limited
Binance suffered a crypto theft, and Bitcoin fell too. It’s perfectly normal to feel anxious when your account balance shrinks and withdrawals are temporarily suspended. My view is that this incident may have a limited impact on Bitcoin’s long-term price.
On October 30, Binance said the incident involved about $6.3 billion in assets, of which about $3 billion had been frozen, and that the platform would cover the losses. Frozen doesn’t mean recovered; withdrawals and the handling of losses will depend on what happens next.
In 2019, 7,000 BTC were stolen from Binance; in 2022, FTX went bankrupt; and in 2025, about $1.5 billion was stolen from Bybit. FTX was a bankruptcy, which is different in nature from a crypto theft.
According to Binance’s BTC/USDT daily chart, Bitcoin closed at around 5,846 on May 7, 2019, and around 7,981 on June 7. One year after FTX’s bankruptcy, it rose from around 17,000 to 37,000 over the same period, but customers went through years of liquidation proceedings. One month after the Bybit hack, BTC closed below its price on the day of the incident; on October 6, 2025, it closed at around 124,700.
But at 22:04 on October 30, the price had returned to around 77,000 USDT. History shows that markets can recover, but it doesn’t guarantee a quick rebound this time, and crypto theft isn’t the only factor driving prices up or down.
This hack was larger, and if the response is mishandled, trust could suffer for a long time.
I think the long-term impact will be limited because the issues disclosed so far point to the exchange’s custody processes. There is no evidence that the Bitcoin network has been compromised, and its issuance rules have not changed. In the short term, watch withdrawals, the handling of losses, and the movement of the stolen funds; over the long term, market capital and demand will also matter.
If you found this helpful, please like, follow, and share it with a friend who’s worried. #BTC #币安
——Lin Yi Free Community · Investment Research Notes
Binance suffered a crypto theft, and Bitcoin fell too. It’s perfectly normal to feel anxious when your account balance shrinks and withdrawals are temporarily suspended. My view is that this incident may have a limited impact on Bitcoin’s long-term price.
On October 30, Binance said the incident involved about $6.3 billion in assets, of which about $3 billion had been frozen, and that the platform would cover the losses. Frozen doesn’t mean recovered; withdrawals and the handling of losses will depend on what happens next.
In 2019, 7,000 BTC were stolen from Binance; in 2022, FTX went bankrupt; and in 2025, about $1.5 billion was stolen from Bybit. FTX was a bankruptcy, which is different in nature from a crypto theft.
According to Binance’s BTC/USDT daily chart, Bitcoin closed at around 5,846 on May 7, 2019, and around 7,981 on June 7. One year after FTX’s bankruptcy, it rose from around 17,000 to 37,000 over the same period, but customers went through years of liquidation proceedings. One month after the Bybit hack, BTC closed below its price on the day of the incident; on October 6, 2025, it closed at around 124,700.
But at 22:04 on October 30, the price had returned to around 77,000 USDT. History shows that markets can recover, but it doesn’t guarantee a quick rebound this time, and crypto theft isn’t the only factor driving prices up or down.
This hack was larger, and if the response is mishandled, trust could suffer for a long time.
I think the long-term impact will be limited because the issues disclosed so far point to the exchange’s custody processes. There is no evidence that the Bitcoin network has been compromised, and its issuance rules have not changed. In the short term, watch withdrawals, the handling of losses, and the movement of the stolen funds; over the long term, market capital and demand will also matter.
If you found this helpful, please like, follow, and share it with a friend who’s worried. #BTC #币安
——Lin Yi Free Community · Investment Research Notes
