Bitcoin's resilience after record Binance hack attributed to spot ETFs, improved market conditions
Despite Binance suffering a record $6.4 billion hack on Thursday, Bitcoin's price fell by only about 3% to $76,400 on Friday, a stark contrast to the nearly 11% drop seen in 2018 after a smaller attack on the exchange. Analysts attribute this resilience to the growing influence of U.S. spot Bitcoin ETFs, which now hold approximately 1.3 million BTC (about 6% of supply), along with a more optimistic market, increased liquidity, active long-term investors, and clearer regulatory frameworks. Binance has confirmed the attack and committed $6.34 billion to cover losses, with about $3 billion of stolen funds already frozen.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
24H Trending
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Tether, Circle, Ripple, and other stablecoin issuers have frozen over $2.6 billion in assets linked to suspected security breaches at Binance.
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Samsung Electronics fell 4.31% from its previous close, now trading at ₩222,000.
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The Nikkei 225 index is down 2.72% from its previous close, currently at 62,903.43.
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ETH inter-exchange spread reaches 1.11%
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Lookonchain: Binance hackers are selling PEPE, UNI, LINK, and other tokens, still holding over $150 million worth of various altcoins.
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South Korea's KOSPI index is down 4.77% from its previous close, currently at 5,654.61.
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Taiwan's TAIEX fell 2.68% from its previous close, currently at 45,125.33.
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Binance hacker finishes dumping UNI, ENA, PEPE, LINK, AAVE, ONDO, WLD for 70,480 ETH ($158.25M)
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SK Hynix is down 5.9% from its previous close, now trading at ₩1,436,000.
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CNBC analysis suggests that Intel's stock may continue to fall after its significant decline, but selling now would not recover losses.
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