Trader Doctor Profit said he remains bullish on Bitcoin and argued that Binance may need to buy crypto assets in the market to cover any portion of stolen funds that cannot be recovered or offset with existing holdings. He said the exact purchase amount has not been disclosed.
In his estimate, the incident involves about $6.3 billion, with roughly $3 billion already frozen. After Tether and Circle reissue the corresponding assets, he expects the remaining gap to be around $3.3 billion, or about 2.05% of Binance’s total assets. If no additional funds are frozen, he said Binance may need to repurchase about $3.3 billion in crypto, including Bitcoin.
Doctor Profit described that potential replenishment demand as an inflow of capital and said the event has not changed his bullish view. He added that he is still holding a Bitcoin long opened at $80,400 and spot BTC bought at $60,000, and said he was prepared for volatility before entering the market and does not plan to exit because of this incident.
According to ChainCatcher, trader Doctor Profit said he still holds a bullish view on Bitcoin and believes Binance’s need to replenish stolen assets could create buying demand.
He said any portion that cannot be covered through asset recovery or the company’s existing holdings would need to be bought back, though the exact amount of those purchases has not been disclosed.
Doctor Profit estimated that the incident involves about $6.3 billion, with roughly $3 billion already frozen. He said that after Tether and Circle reissue the corresponding assets, the remaining shortfall would be about $3.3 billion, equal to around 2.05% of Binance’s total assets.
Under that assumption, if no more funds are frozen, Binance would need to repurchase about $3.3 billion in crypto assets, including Bitcoin. He described that possible replenishment demand as capital inflow and said the incident has not shaken his bullish stance.
Doctor Profit also said he is still holding a Bitcoin long opened at $80,400 and spot BTC bought at $60,000. He added that he had prepared for volatility before entering the market and would not exit those positions because of this event.
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