Binance's Biggest Hack Yet: Why Did Bitcoin Fall Only 3–5%? Is ETF responsible?

[Cointikka]

As per my understanding, whenever there is an exchange hack, the Bitcoin price does go down. This time, one of the biggest crypto exchanges got hacked and they are saying that NK hackers are responsible. The hack is not in the millions but in billions of USD. Some countries need to survive with the amount that was hacked, which is estimated at more than $6 billion.
My Bitcoin ETF analysis of mine came up with these questions

• Did ETF inflow stop the panic, as the market cap still looks strong, as does the price?
• Or are Bitcoin holders now normalized to such hacks?
• Or do you think other factors are the reason why the Bitcoin price is still holding on?

My understanding
Since I have been tracking ETF inflows for quite some time now because of my Bitcoin prediction tool, I see a good inflow for the last four days. I am talking in millions of USD.
My question to everyone here
I personally feel that the Bitcoin ETF has become a main contributor controlling the price of Bitcoin. Do you agree with my conclusion, or do you have a different opinion?

EDIT: This is the reason why I love Bitcoin❤️

[Cookdata]

Why should Bitcoin dump? Was it Bitcoin that was hack or the Binance exchange.
Traders are getting smarter, why sell Bitcoin because Binance was hacked, it doesn't make any sense. The 5% wasn't necessarily but market reaction will do what it's known for. From the calculation, the total amount of stolen funds is $6.3b and $3b was frozen, what's left with the hacker is $3b and they promised to buy back the stolen Bitcoin. Not only that, they promised to buy back the stolen coins, that's a relief to maintain the market and the market will recover soon.
It will sound dumb for when an exchange is announced to be hacked people panic to even sell their coins. Not defending the centralized exchange mafias, but those guys are crooks to defend the price in many ways, CZ alone is worth $100B, what was taken is a fraction to the company.

I don't know the correlation between ETF here, all attention has been on how some of the stolen funds are moving, there is no any massive reports of ETF moving Bitcoin to exchange to sell.

[tbct_mt2]

My question to everyone here
I personally feel that the Bitcoin ETF has become a main contributor controlling the price of Bitcoin. Do you agree with my conclusion, or do you have a different opinion?

It's quite true because more bitcoins changed hands with time from traditional whales in Bitcoin market to new institutional investors, and from retail investors to Bitcoin Spot ETFs.

Market makers are entities that hold the majority of bitcoin in circulation supply and have massive tools on different medias. They can fud the market with on chain transactions to create uncertain speculations like what are purposes of such transactions and deposits to centralized exchanges. They can use news on media to fud the market and makes the market price volatile movements look reasonable.

But fortunately, if you are a long term investor, you don't have to care about such news. Just prepare money to accumulate bitcoin, if market makers dump the market, you have better prices to buy more bitcoin. Then it will be time for market makers to pump the market and if you already accumulated bitcoin, it's time to take profit with market manipulations from Bitcoin ETF and other institutional investors.

[Basels]

Bitcoin ETF gives investors exposure to Bitcoin without them holding the coins directly. This means that a Bitcoin ETF has a direct impact because the issuers must actually hold bitcoins equivalent to what the investors are exposed to. So if the investment gets a net inflow, there are more BTC being held by the issuers and vice versa. This implies that a high demand for Bitcoin ETF reflects directly in the demand and price of Bitcoin in the coin market.

[Cointikka]

Why should Bitcoin dump? Was it Bitcoin that was hack or the Binance exchange.

Was it not normal when Bitcoin did not have an ETF? Check historical figures, please. You are writing nonsense.

Traders are getting smarter, why sell Bitcoin because Binance was hacked, it doesn't make any sense.

So you expect NK will not sell those Bitcoins? Great analysis! That indication of NK selling BTC should trigger a panic in the market; I know it. But according to your analysis, I assume no one here will panic.

I don't know the correlation between ETF here, all attention has been on how some of the stolen funds are moving, there is no any massive reports of ETF moving Bitcoin to exchange to sell.

I can be as sure as a bull/bear that you never checked the ETF data. I can also come to the conclusion that you are not a trader, nor a holder. FYR [For your reference] do check this website.. Sometimes I feel you guys are just here for the sake of it and reply for the sake of replying when data is clearly available on the internet.

[Fivestar4everMVP]

My understanding
Since I have been tracking ETF inflows for quite some time now because of my Bitcoin prediction tool, I see a good inflow for the last four days. I am talking in millions of USD.
My question to everyone here
I personally feel that the Bitcoin ETF has become a main contributor controlling the price of Bitcoin. Do you agree with my conclusion, or do you have a different opinion?

I have to disagree, and the reason is this, Aliens are not the ones responsible for the ETF funds that is flowing into bitcoin, humans like you and I are responsible for it and if they really wanted to pay attention to the hack and panic, the price of bitcoin at this very moment will be heading down towards $50k or lower.

So, lets just say that the reason why it seems the price of bitcoin is holding up tight after one of the biggest hack in crypto history happened is because investors and holders have actually grown up, they have become more mature and their believe and trust in bitcoin have very much increased.
We all know that if we were still in 2020 and below, the moment the hack was announced, every one would panic and start selling not just their bitcoin but also any other crypto asset that was affected by the hack, But now, times and things have changed.

[GreatArkansas]

Overall, I'm all in on ETFs recently. If we are talking about numbers here, price, then ETF inflows can help the price hold. We already saw how ETFs a few years ago drove the demand for Bitcoin, from retail to institutions.
But for me, I don't think they mainly control Bitcoin.
Why the dump is not that too much for me even let's say this is the biggest in history, it's just showing the market right now is strong, there are still many people wants to buy.

[SeriouslyGiveaway]

Overall, I'm all in on ETFs recently. If we are talking about numbers here, price, then ETF inflows can help the price hold. We already saw how ETFs a few years ago drove the demand for Bitcoin, from retail to institutions.
But for me, I don't think they mainly control Bitcoin.
Why the dump is not that too much for me even let's say this is the biggest in history, it's just showing the market right now is strong, there are still many people wants to buy.

There is no biggest dump in the market even the hack is a biggest and most severe one ever in Bitcoin and cryptocurrency market history. Perhaps people still believe in Binance like they will successfully recover from this hack, and customer funds are SAFU.

The coming days will be very important because if a collapse like FTX happens with Binance this time, the market will react with massive bloodbath and ETFs won't be able to play with price against the massive dump.

Luckily I believe that Binance will recover from this hack but market will still have severe consequence, and the worst thing is there will be possible more hacks to come with the rise of AIs.

I am positive about Binance because at least there are people who want to give CZ and Binance their hands and help, it's very different with FTX and SBF years ago.

[Cookdata]

Why should Bitcoin dump? Was it Bitcoin that was hack or the Binance exchange.

Was it not normal when Bitcoin did not have an ETF? Check historical figures, please. You are writing nonsense.

No, you are replying with emotions, and I'm not doing that with you. The least you could do is to ignore but my fact is my fact. Your questions were about ETF flows and Bitcoin price, not NK selling Bitcoin directly. I have followed NK's investigations on how they sell these coins, how they laundered these funds enough, you can't even school me about that, unless there are new things I can learn here.

Traders are getting smarter, why sell Bitcoin because Binance was hacked, it doesn't make any sense.

So you expect NK will not sell those Bitcoins? Great analysis! That indication of NK selling BTC should trigger a panic in the market; I know it. But according to your analysis, I assume no one here will panic.

You know nothing about NK hackers and how they sell Bitcoin. Maybe I should refer you to a recent investigation by Zachxbt on how some syndicates help to launder Bitcoin for the Lazarus group.



This is one snippet

https://x.com/zachxbt/status/2107081638073319437

Perhaps you now understand why traders and holders don't care about the hacks to dump coins. No sane person hacks coins and goes to dump them, at least in the last few years, unless they start with this Binance hack.

I don't know the correlation between ETF here, all attention has been on how some of the stolen funds are moving, there is no any massive reports of ETF moving Bitcoin to exchange to sell.

I can be as sure as a bull/bear that you never checked the ETF data. I can also come to the conclusion that you are not a trader, nor a holder. FYR [For your reference] do check this website.. Sometimes I feel you guys are just here for the sake of it and reply for the sake of replying when data is clearly available on the internet.

I still don't care about ETF, my opinion remains the same.

[BlackHatCoiner]

Traders are getting smarter, why sell Bitcoin because Binance was hacked, it doesn't make any sense.

Considering they have to sell some BTC to cover their losses, it does make some sense, and that's why Bitcoin has declined, sometimes even a lot, at times like these.

Perhaps it's the ETFs, or maybe the market has not fully reacted to it yet. That being said, liquidity does have to do with this, and that's why a crash of several billions of dollars does not have the equivalent effect that MtGox had had.

[Sim_card]

It was in the past that when an Exchange is hacked, it will affect the price of bitcoin because investors don't understand that they don't need to panic and sell because bitcoin wasn't affect. Currently, most investors are aware of this which is why the price didn't dip above 3%. Secondly, institutions and big companies are now involved in bitcoin, if retail investors panic and sell these institutions and big companies will just turn their deaf ears to the market or they will buy more to pump the price.

[Ziskinberg]

I don't think we should blame it on ETFs.

Exchange hacks are not a new thing in the crypto space and investors are well aware of that already. I think it would have been different if Binance were not able to contain this but they assured users that they would compensate those whose accounts were impacted, so it's like nothing happened.

If the Bitcoin system itself was compromised that would have resulted in a real downturn for Bitcoin, now it's just a market reaction, eventually Bitcoin will start to rise. Especially since we are in the last quarter of the year, we might see more green based on history so far.

[letteredhub]

As per my understanding, whenever there is an exchange hack, the Bitcoin price does go down. This time, one of the biggest crypto exchanges got hacked and they are saying that NK hackers are responsible.

A crested reminder it should serve us about how matured the bitcoin market has developed and with how confident investors have become about bitcoin. And as Cookdata rightly mentioned, the bitcoin network has no connection with the hack and thinking that bitcoin price should fall noticeably in this current  era just because an exchange got hacked is old school to me. What I expect you to have pointed to is BNB coin because it's a native coin of bianace.

[bitmover]

My understanding
Since I have been tracking ETF inflows for quite some time now because of my Bitcoin prediction tool, I see a good inflow for the last four days. I am talking in millions of USD.
My question to everyone here
I personally feel that the Bitcoin ETF has become a main contributor controlling the price of Bitcoin. Do you agree with my conclusion, or do you have a different opinion?

EDIT: This is the reason why I love Bitcoin❤️

Binance said they are going to pay for the losses with SAFU
https://x.com/_RichardTeng/status/2116072080525656150?s=20

I believe the big winner of all these hacks are the ETF, all of them.

I am considering buying some etf  just to diversify the security..

[hmbdofficial]

I kind of agree with @cookdata, since Binance was the platform that was affected by the security breach, and investigation has also shown that there are no evidence of wallet private key leak then it’s should definitely not cause price fall. Traders are now smart and are not moved by hack like this on a centralized exchange.
However, market reaction is different issue. Investors can panic and sell because of fear, uncertainty and concern about exchanges security. But we are not seeing that now and it’s of cause not because of the institution adoption alone or the ETF. I feel it’s just that people have actually learnt about this hacks on exchanges and they realize that this hacks do not have anything to do with their fund, and that exchanges have announced that users funds are SAFU

[Bluedrem]

Bitcoin has now gone through many stages in terms of trust. The fact that a centralized exchange has been hacked, which has happened to several other exchanges in the past, does not mean that the Bitcoin in someone's personal custody is not safe. Those who maintain their funds in a decentralized exchange or wallet are much safer.
Yes, the Binance hack may have created panic among some investors, due to which the price of Bitcoin decreased slightly due to the selling attempts of some investors, but later they stopped selling when they realized the reality, due to which the price returned to 77000 to 78 thousand dollars. In the past, perhaps a bigger Bitcoin rally would have been seen first. Since the number of Bitcoin believers is now much higher, such a huge change in price was not observed.

[EL MOHA]

Perhaps it's the ETFs, or maybe the market has not fully reacted to it yet. That being said, liquidity does have to do with this, and that's why a crash of several billions of dollars does not have the equivalent effect that MtGox had had.

Should we also look at it from the perspective that bitcoin is no longer that highly volatile like it was in the past years. I could say that even as back as 2022 here which is just four years from this date if this had happened it would have caused the market to be even more 10% down in less than 24 hours, a perfect example is the FTX crisis in 2022.

But recently I do think that many investors do not panic more or fear that much again when they read of major hacks like this and it is understandable because I do think that many people are getting better understanding of bitcoin now. In the past we would have send how many haters would have been spreading bad narrative about bitcoin going down after this hack and there by creating fear but now investors do not look that way again and I think that’s why the market hasn’t reacted that badly as OP is anticipating

[aoluain]

I personally feel that the Bitcoin ETF has become a main contributor controlling the price of Bitcoin. Do you agree with my conclusion, or do you have a different opinion?

EDIT: This is the reason why I love Bitcoin❤️

Yea maybe the ETF inflows have balanced out the senseless panic which could have affected
the market.

I could understand people panicking if they had Bitcoin on the Binance exchange and are desperately
trying to save their funds but if the breach had no affect on you Bitcoin holdings why would you panic?

So the OP is in love with Bitcoin, is that because of the ETF's ?

Yet another lesson in the danger of trusting those exchanges holding your Bitcoin and also have your
private information.

[CryptoHeadlineNews]

My understanding
Since I have been tracking ETF inflows for quite some time now because of my Bitcoin prediction tool, I see a good inflow for the last four days. I am talking in millions of USD.
My question to everyone here
I personally feel that the Bitcoin ETF has become a main contributor controlling the price of Bitcoin. Do you agree with my conclusion, or do you have a different opinion?

EDIT: This is the reason why I love Bitcoin❤️

I just came across this news of Binance exchange been hacked few hours ago while scrolling the internet, and only to check the price of Bitcoin now and noticed that it was fallen by 5% in last 24hours since the news of this hack went public, and i'm pretty much sure that the inflow of Bitcoin Exchange-Traded Fund (ETF) must have been one of the reason why this hack wasn't able to affect the price of Bitcoin that much, because this seems to have been the highest Bitcoin hacked to be ever recorded since the history of exchange hacking, and for the fact that Bitcoin only have fallen by just 5% since, means people now understand the importance of bitcoin in long term, despite the subsequent hacks.

[buwaytress]

Hate being a conspiracy theorist but I seldom believe these hacks are as portrayed. Simplest explanation is poor security, insider job, etc. Complex explanation: Binance wants to remind people they've done SAFU before, and will do it again. Come save your coins with us, even with hacks we're rich enough to pay it all back.