Trader Killa says Binance hack could mark a market bottom

Trader Killa said the collapse of FTX had once marked a bottom for the crypto market, and argued that the recent Binance hack could have a similar effect. In his view, the best way to make up for losses would be a sharp move higher in prices rather than another leg down. He added that Binance holds billions of dollars in Bitcoin and therefore has the capital capacity to open multi-billion-dollar long positions, with such activity potentially remaining invisible to retail traders. Killa also speculated that Binance may already have generated about $1 billion in revenue through liquidations, slippage, and trading fees. While he said the market may need some time to absorb the short-term shock from the incident, he remains constructive on the medium- to long-term outlook for crypto.