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Tom Lee Sees a Bull Market in the Binance Hack. Stablecoin Data Disagrees

BitMine Chairman Tom Lee says crypto’s muted response to the $6.3 billion Binance hack indicators a bull market. However, stablecoin and sentiment information present cash and confidence nonetheless leaving the market.

Ethereum (ETH) traded at $2,254.11 at press time, down 1.71% over the previous 24 hours, per BeInCrypto Markets. Against Bitcoin (BTC), ETH has held up higher this week after dropping floor via most of October. It is down 2.87% over the previous week in comparison with BTC’s 3.6% drop.

Ethereum (ETH) Price Performance. Source: BeInCrypto Markets

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Lee Reads a Calm Crypto Market as a Bull Signal

Lee made his case in BitMine’s newest weekly holdings replace. He in contrast the Binance theft with the $1.5 billion Bybit hack in February 2025.

ETH fell 8% on the day Bybit disclosed its theft and 20% inside a week, in response to Lee. Since the Binance disclosure, ETH has dropped 4%, despite the fact that the theft was about 4 instances bigger.

Lee gave six causes for the muted response.

  • Binance can cowl all buyer losses.
  • No chain of decentralized finance (DeFi) failures adopted, because it did after Bybit.
  • Swift business motion halved potential losses.
  • The FBI named North Korea inside 2 days, versus as much as 180 days in previous heists.
  • The breach hit Binance’s company programs fairly than a blockchain.

The sixth tied worth motion to market direction.

“Limited worth draw back is a signal that a crypto ‘bull market’ is underway, however latest worth declines,” he said.

Meanwhile, BitMine added 8,573 ETH over the previous week, bringing its holdings to six,060,506 ETH. That equals 4.9% of Ethereum’s 122.2 million provide.

Stablecoins and Sentiment Pull the Other Way

In distinction to Lee’s price-based argument, liquidity and sentiment information level to warning.

Total stablecoin market cap stood at $270.3 billion on October 1, per CW8900, an analyst.  It has since fallen to $263.4 billion, a $6.9 billion outflow over the previous month.

The analyst rated the development bearish. Bullish phases sometimes start when cash flows into the market, CW8900 famous, but funds have saved exiting.

“For a rebound to happen, stablecoins should movement again into the market. Once stablecoin flows shift again to a internet influx, the market is prone to present a rebound,” the post added.

Investor temper has soured as properly. The Crypto Fear and Greed Index fell to 26, in Fear territory, on November 3. It learn 37 a day earlier, 48 a week in the past, and 65, in Greed, a month in the past.

CW8900 expects a rebound as soon as stablecoin flows flip optimistic once more. Until that occurs, Lee’s crypto bull market case for ETH rests largely on worth resilience. 

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The publish Tom Lee Sees a Bull Market in the Binance Hack. Stablecoin Data Disagrees appeared first on BeInCrypto.

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