BitMine chairman Tom Lee said the limited price decline following the $6.3 billion Binance hack points to a bull market for crypto. He contrasted the event with the $1.5 billion Bybit hack in February 2025, noting that Ethereum fell 8 % on the day of the Bybit disclosure and 20 % within a week, while it has dropped only 4 % since the Binance incident.
Lee’s Six Reasons for a Calm Market
Lee listed six factors that he believes limited the market reaction to the Binance breach:
- Binance can cover all customer losses.
- No cascade of decentralized finance failures occurred.
- Swift industry action reduced potential losses.
- The FBI identified North Korea within two days, faster than in previous incidents.
- The breach affected Binance’s corporate systems rather than a blockchain.
- Limited downside in price is a sign of a bullish market direction.
BitMine added 8,573 ETH over the past week, bringing its total holdings to 6,060,506 ETH, or about 4.9 % of Ethereum’s supply.
Stablecoin Market and Sentiment Trends
Stablecoin data tells a different story. The total stablecoin market cap fell from $270.3 billion on October 1 to $263.4 billion, a $6.9 billion outflow over the month, according to analyst CW8900. The analyst described the trend as bearish, noting that bullish phases typically begin when funds flow into stablecoins.
Investor sentiment also turned negative. The Crypto Fear and Greed Index dropped to 26 (Fear) on November 3, down from 37 the previous day, 48 a week earlier, and 65 (Greed) a month earlier.
CW8900 expects a market rebound only after stablecoin flows turn positive again, indicating that Lee’s bullish case rests mainly on price resilience rather than broader liquidity or sentiment improvements.
