Dragonfly managing partner Haseeb Qureshi said the market response to Binance’s more than $6 billion hack looked very different from the reaction seen during the FTX collapse. He wrote that although the amount involved was only about 25% lower than the funding gap left by FTX, Bitcoin and the broader crypto market fell by only a few percentage points. He described sentiment as relatively calm, with dip-buying capital starting to come in.
Qureshi also said outflows remained fairly mild even as macro markets were under pressure, while tokens directly tied to the incident showed some resilience. In his view, confidence in Binance as a company remained strong, and the industry moved quickly to coordinate and support one another. He added that the market broadly expected Binance to repurchase the affected assets and cover the losses. Qureshi said the episode showed how much the crypto industry has matured and progressed.
Dragonfly managing partner Haseeb Qureshi said in a post that the market reaction to Binance suffering a hack of more than $6 billion was markedly different from what followed the collapse of FTX.
He said that while the funds involved in the Binance incident were only about 25% lower than the hole left by FTX, Bitcoin and the broader crypto market fell by only a few percentage points. Sentiment, he wrote, stayed relatively calm, and dip buyers began stepping in.
Qureshi added that even with macro markets under pressure, capital outflows were fairly mild. Tokens directly affected by the incident also showed a degree of resilience.
In his view, the market still has strong confidence in Binance as a company. He also pointed to fast coordination across the industry and mutual support among participants, saying the market broadly expected Binance to buy back the affected assets and make up the losses.
He said the incident reflected the crypto industry’s maturity and progress.
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