Those coins whose withdrawals Binance still has suspended are trading just a little cheaper than elsewhere. The differences are tiny, but all point in the same direction.
At 20:34 tonight, I compared Binance spot prices with the midpoint between the bid and ask on OKX: $HYPE -0.03%, $INJ -0.06%, $NEAR -0.03%, LTC -0.04%, APT -0.01%, and Plasma's XPL -0.14%. At the same time, the difference for BTC, ETH, SOL, XRP, SUI, and other coins whose withdrawals had already resumed was within 0.02% on both sides, sometimes positive and sometimes negative.
When you can't withdraw coins, people buying cheap on Binance and selling higher elsewhere can only use the inventory they already have on both platforms. They can't move coins between them to arbitrage, so the price gap can't close.
On 11/6, the official account said on X that it was aiming to reopen withdrawals for HYPE, INJ, APT, PLASMA, NEAR, and LTC before next weekend. The 11/4 announcement said 98% of the stolen assets had been replenished, and the latest proof of reserves, published on 11/6, also included a zero-knowledge proof.
So I'm optimistic about withdrawals reopening next week. If a large group of people were really itching to get out, the discount would be more than this; right now, it's not even 0.2%. The reopening is unlikely to trigger a sell-off. Afterward, these coins will probably continue to follow the broader market and their own news.
This is just a snapshot at one point in time. If the timeline gets pushed back or the discount suddenly widens, we'll need to reassess.
#币安 #币安安全事件
At 20:34 tonight, I compared Binance spot prices with the midpoint between the bid and ask on OKX: $HYPE -0.03%, $INJ -0.06%, $NEAR -0.03%, LTC -0.04%, APT -0.01%, and Plasma's XPL -0.14%. At the same time, the difference for BTC, ETH, SOL, XRP, SUI, and other coins whose withdrawals had already resumed was within 0.02% on both sides, sometimes positive and sometimes negative.
When you can't withdraw coins, people buying cheap on Binance and selling higher elsewhere can only use the inventory they already have on both platforms. They can't move coins between them to arbitrage, so the price gap can't close.
On 11/6, the official account said on X that it was aiming to reopen withdrawals for HYPE, INJ, APT, PLASMA, NEAR, and LTC before next weekend. The 11/4 announcement said 98% of the stolen assets had been replenished, and the latest proof of reserves, published on 11/6, also included a zero-knowledge proof.
So I'm optimistic about withdrawals reopening next week. If a large group of people were really itching to get out, the discount would be more than this; right now, it's not even 0.2%. The reopening is unlikely to trigger a sell-off. Afterward, these coins will probably continue to follow the broader market and their own news.
This is just a snapshot at one point in time. If the timeline gets pushed back or the discount suddenly widens, we'll need to reassess.
#币安 #币安安全事件
