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

[DaveF]

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.

Yeah, that's a bit of tinfoil hat conspiracy.

I feel most hacks these days track back to the same thing you see in aviation crashes. It's not 1 thing. It's a bunch of things that line up in such a way that it happens.
The only difference here is people are actively attacking the exchanges since well...that's where the money is.

-Dave

[goldkingcoiner]

People are not panicking as they used to do in the past. This shows a higher confidence in cryptocurrency and most of all, Bitcoin. But I would not say that we are out of the woods yet. Buying pressure has been low for quite a while so I would not be surprised if we keep going down. This hacking news may have just been the final drop that made the cup overflow.

[moneystery]

The market's reaction, which didn't seem too extreme, might be because of Binance's explanation that users' funds are safe and that they will buy back the lost Bitcoin.
If Binance didn't have backup funds and their operations stopped, the result might have been different; it could have triggered a pretty significant market reaction since Binance is one of the biggest exchanges globally, and so many people trust their assets with this exchange.
But even though they have a recovery plan like this, the fact remains that their exchange was hacked. And who knows after this whether users will still trust keeping their assets on that exchange or not.

[RGBTC]

The focus today is on the Binance hack, an event significant enough to overshadow news regarding ETF inflows, which no longer qualify as extraordinary news. Binance itself has suspended open orders while undergoing maintenance^(*). Assuming this report is accurate; Without Binance’s contribution, global selling pressure has not been sufficient to push Bitcoin any lower.


*) https://www.dw.com/en/binance-crypto-exchange-suspends-trades-over-north-korea-linked-hack/a-79803280

[serjent05]

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?

The current Bitcoin market reaction to the Binance hack shows market maturity. Unlike before, when simple hype or FUD affected the market, today's Bitcoin market seems stable after news about the Binance hack were announced.  Investors and traders are smarter now and is able to differentiate a Bitcoin network attack and a centralized exchange attack.

It is also possible that Binance's reaction to the hacking incident is good.  They assure their users that their funds are safe and is not affected by hacks.  This assurance led users not to panic or create a series of FUD about cryptocurrency.  I can say Binance handled its customers and the hacking incident well, and it avoided a massive panic that can possibly affect the cryptocurrency market if not controlled.

As for the question given by @OP, I do not think ETFs have anything to do with why the Bitcoin market is stable despite the Binance hacking incident.

[Just Say]

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.

Even after the world's major crypto exchange like Binance was hacked with around $6.3 billion worth of crypto we can see its price drop by only three to five percent which is a testament to the maturity of the market and quick safeguards as you may have noticed that even after such a big shock the price of Bitcoin did not collapse dramatically. Also the reasons why bitcoin price didn't dump too much are the quick fund freeze or immobilization, Binance's promise to compensate.

It is also important investors now clearly understand that an exchange hack does not necessarily mean that the Bitcoin blockchain network is hacked. As a result, many are still holding on to their bitcoins without fear because to my knowledge they are able to understand the Binance hack did not compromise the security of the bitcoin code or the blockchain at all. So it can be seen that now the number of believers in Bitcoin is high, as a result of which the price of Bitcoin has not seen much change because at the moment the price of this coin is slightly above $77,000.

[stompix]

It's not the ETF, it's because their hot wallet was hacked, not their cold wallet!
The moment that gets emptied and 300k coins are out in the open and millions are crying because there is no way in hell Binance can reimburse them you will beg for only a 20-30% drop

FUD
~
FUD

Sun is rising, FUD!
Sun is going down, FUD!
Comrades, we must do whatever it takes to prevent the FUD from affecting the stability of our system!
FUD is the enemy, to all we must combat this FUD, even if it's real and a certainty, we must fight till the last drop of blood.

[Aanuoluwatofunmi]

Bitcoin surges as at yesterday to $81,970 which many of us thought there is going to be more of a bullish pattern than what religious saw today that completely become an opposite of yesterday's market performance, it continue to fall until we have it down below $77,000 menu will be given instances of the reason why the market fall in this direction, just as this thread's speculation suggests that it might have been the ETF-triggered reaction that resulted in this fall.

[Asiska02]

Bitcoin surges as at yesterday to $81,970 which many of us thought there is going to be more of a bullish pattern than what religious saw today that completely become an opposite of yesterday's market performance, it continue to fall until we have it down below $77,000 menu will be given instances of the reason why the market fall in this direction, just as this thread's speculation suggests that it might have been the ETF-triggered reaction that resulted in this fall.

Maybe it could be as a result of that but what is clearly seen in the pattern of the market to behave in this manner, even after this big hack in the market is the fact that the market is also becoming more accustomed to happenings like this. FUD has always been one of the major cause of crash in the market in the aftermath of hack on big exchanges like this, but with more people getting to understand how the market behaves and also seeing this as a temporary circumstance which can also be controlled, FUD is now getting less effect in the market than before. For now, we will keep observing but I don’t think the market will fall significantly as a result of this.

[100bitcoin]

The focus today is on the Binance hack, an event significant enough to overshadow news regarding ETF inflows, which no longer qualify as extraordinary news. Binance itself has suspended open orders while undergoing maintenance^(*). Assuming this report is accurate; Without Binance’s contribution, global selling pressure has not been sufficient to push Bitcoin any lower.


*) https://www.dw.com/en/binance-crypto-exchange-suspends-trades-over-north-korea-linked-hack/a-79803280

Anyt heist in Crypto is now inadvertently blamed on NK! Poor Kim.

[2stout]

I believe the ETFs, i.e., institutional investments have added additional stability and less volatility to the price of Bitcoin.  However, what else may have helped just as much if not more is that Binance stated it would cover all loses, which shows accountability.  I believe if they stated account holders would be out of $6.3B that the fall in price would have been much larger and across almost all crypto.

[JoyMarsha]

Since Binance can say that they have SAFU to cover the billion stolen, this statement alone has bring back hope to the market, for investors are finding no need for them to dump their Bitcoin in the market.

Let me say it to you that investors are wiser than they were before to sell off their Bitcoin because an exchange got hacked. Some of the exchanges we have now, like KuCoin, Bybit, MEXC, and Bitget have reserved funds for issues like this, for hackers taking away investors' money from their exchange

[bhadz]

More ETFs then. With binance got hacked, and hardware wallet data not being safe, maybe this is the solution for those who are losing their faith in it. But the dump that we're having lately, it's still quite big, right? from $80k above price and with this big news down to $76k. That $4k is hard to follow when it is about dump and this opens the idea that it's getting nearer to $60k again.

[ZAINmalik75]

ETF inflow can surely be one of the reasons why there is still some stability in the market after the biggest ever hacking incident in the history of this industry, and along with that, I think retail investors have also become smarter over time that they now don't react very quickly after something like this happens. We all know that the reason why the prices drop significantly is because those who hold those assets start to sell their assets as quickly as possible after an attack, but this time, things seem to be different.

On the other hand, Binance has announced that they are going to take care of all the user funds that have been stolen in this hack from company's funds, which means there is no loss of assets for any user but it is Binance that has taken the hit, and the hit is pretty severe. However, Binance is such a big exchange, they have said that $3b only represent about 2% of the total user assets of their exchange, which means even though it was the biggest heist of the history, it will still not shake the existence of the platform at all.

[Franctoshi]

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.

$6B hack in US dollars isn't a chicken change that wouldn't shake or cause panic sell in the industry; some people sold because it was a negative impact news. Many traders, and investors are still holding their Bitcoin in Binance exchange and some other centralized exchange out there; therefore, if Binance can get hacked again, it means other exchanges can be hacked any moment, so the fear would definitely bring panic within the community, to position, and reposition amid this fear of the AI reverse engineer anything that's also trending at the moment.

[LFC_Bitcoin]

I don’t believe a single word that comes from Binance. Those guys are complete scammers, wash trading against their customers. We all remember 10th October in 2025, Bitcoin was doing just fine in a bull market and then Binance liquidated the entire industry because of some glitch in their systems. The bull run ended early because of them.

Now we’re supposed to believe that North Korea decided to hack Binance? That piece of shit CZ needs to go back to jail. They still haven’t started allowing people to withdraw and it’s been nearly 24 hrs now. I smell a rat, the industry would be so much better without Binance and CZ.

If you have funds on Binance, get them off as soon as possible when/if they start allowing withdrawals again.

[Charles-Tim]

Now we’re supposed to believe that North Korea decided to hack Binance? That piece of shit CZ needs to go back to jail. They still haven’t started allowing people to withdraw and it’s been nearly 24 hrs now. I smell a rat, the industry would be so much better without Binance and CZ.

I do not know how true it is, but someone posted that P2P is working on Binance. I think anyone can try it out and if it is working, some people may decide to use it instead. Although, some people are avoiding their coins to be converted to fiat because of tax and something related to privacy which might make it not ideal. Also some countries do not have P2P on Binance just like the country that I am.

[Antidote47k]

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 can’t dispute the fact that ETF inflows can possibly provide additional buying pressure and support market demand, but I’m not sure that we can conclude that ETF prevented a larger decline simply from seeing inflows during the same period as the small price decline. Other factors like market maker activity, derivatives positioning and short covering could also influence the reaction.

The ETFs contributed to the demand but that doesn’t by itself explain why the price held up, I mean, ETF inflows could be positive while the market still declines simply cause the selling pressure was greater.
We would need the scale of ETF purchases, the timing of purchases and the actual selling pressure around the incident to have a reasonable comparison to establish the ETF explanation.

[CryptopreneurBrainboss]

EDIT: This is the reason why I love Bitcoin❤️

We can only speculate right now as nobody knows why the market didn't react the way it used to do before but my theories are: For a start. the market has matured and we shouldn't be expecting same exact reactions as when the market was just brand new. Then I can also support the motion of Bitcoin ETF playing a role as since being in pictures, institutional investors have been coming in and they're pouring in millions into the market and it's helping in stabilizing the market. Then my final theory is that Binance exchange handlef their PR well and people trust them that nothing will happen to their balance as such there was no panic in the market. People also know that if the Bitcoin that was stolen was to get deposited in the market, the market have buyers waiting to buy them off so the market is barely going to feel any massive inflow of slim pressure.

[Jewan420]

The popular Binance hack, despite being the biggest hack in crypto history, has not caused panic. Binance has been consistently reassuring that users’ funds are completely safe and that they are taking responsibility for the hack. I myself was affected by this hack, yet there is no panic and no new action is in the offing. It seems like nothing happened and our funds are still safe, so there is no reason to panic.

Traders and investors are now very familiar with these incidents, while exchange hacks have historically caused panic among crypto users, but this is no longer the case. Especially since Binance is promising to refund customers’ money, there is no room for panic here.