$BTC is learning what a "trust shock" costs. In roughly 12 hours after the Binance hot-wallet breach, about $1.5B in leveraged positions were liquidated, according to CoinDesk, with $468M coming from bitcoin longs and $358M from ether. Bitcoin slid to around $77.4K after briefly tagging the $76K area, and the Fear & Greed Index collapsed from 51 to 30 in a single day.
What makes this selloff different from a normal macro flush: the supply overhang is identifiable. Roughly $3B of the stolen assets is frozen, but the rest sits in attacker wallets that can be dumped at any moment. Standard Chartered's Geoffrey Kendrick says he does not expect a floor until the frozen funds are released and more details emerge.
My take: the level I'm watching is ~$76.5K, the short-term holder cost basis. Holding it while the hacker still holds liquid ETH would be a strong signal. Losing it likely means another wave of forced selling. What's your line in the sand?
What makes this selloff different from a normal macro flush: the supply overhang is identifiable. Roughly $3B of the stolen assets is frozen, but the rest sits in attacker wallets that can be dumped at any moment. Standard Chartered's Geoffrey Kendrick says he does not expect a floor until the frozen funds are released and more details emerge.
My take: the level I'm watching is ~$76.5K, the short-term holder cost basis. Holding it while the hacker still holds liquid ETH would be a strong signal. Losing it likely means another wave of forced selling. What's your line in the sand?