Every morning, I write a market note. On day 17, I realized I’d been getting one thing backwards all along.
During the week Binance was hacked for $6.3 billion—the biggest theft in history—the most resilient asset was, surprisingly, the hacked exchange’s own coin: BNB fell 3.6% for the week, less than BTC at -4.0%, ETH at -5.2%, and SOL at -5.6%.
My first thought was that someone was propping up the price. Later, I revised my view: the market is pricing in Binance’s backstop commitment. Binance has allocated more than $6.34 billion to cover the impact, and about $3 billion in assets involved have been frozen on-chain. If the market didn’t believe it, the affected platform’s core asset should be leading the decline, not holding up better.
I’m leaning toward believing it. But there’s a fair question: BNB is usually less volatile, so a smaller drop doesn’t necessarily mean confidence.
Data as of today; not investment advice. Do you think BNB’s resilience reflects genuine belief in the backstop, or is concentrated ownership simply keeping it from falling?
$BNB $BTC $ETH #币安广场 #加密市场 #BNB
During the week Binance was hacked for $6.3 billion—the biggest theft in history—the most resilient asset was, surprisingly, the hacked exchange’s own coin: BNB fell 3.6% for the week, less than BTC at -4.0%, ETH at -5.2%, and SOL at -5.6%.
My first thought was that someone was propping up the price. Later, I revised my view: the market is pricing in Binance’s backstop commitment. Binance has allocated more than $6.34 billion to cover the impact, and about $3 billion in assets involved have been frozen on-chain. If the market didn’t believe it, the affected platform’s core asset should be leading the decline, not holding up better.
I’m leaning toward believing it. But there’s a fair question: BNB is usually less volatile, so a smaller drop doesn’t necessarily mean confidence.
Data as of today; not investment advice. Do you think BNB’s resilience reflects genuine belief in the backstop, or is concentrated ownership simply keeping it from falling?
$BNB $BTC $ETH #币安广场 #加密市场 #BNB
