Pickle Cat: Suspected Binance Hack Differs from FTX, Market May Test Lows Again

TechFlow reported on Oct 30 that crypto KOL 0xPickleCati (Pickle Cat) posted on X that, amid the impact of the suspected Binance hack, the market needs close monitoring over the next 72 hours, and another round of decline cannot be ruled out; the KOL is preparing to dollar-cost average (DCA) in batches.

The KOL believes it is premature to call it 'FTX 2.0': FTX was essentially a solvency and credit-contagion crisis, while the Binance incident currently looks more like a security breach. Reportedly, approximately $2.4 billion in stablecoins has been frozen, and Binance has also stated that user funds are safe; however, final losses and secondary impacts remain uncertain, and frozen funds do not mean they have been recovered. The KOL also noted that before the incident, BTC was already pressured by a hawkish Fed and weakening tech stocks, and this event further triggered cascading long liquidations.

Citing 2022 as an example, the KOL said that LUNA, Celsius, 3AC, and FTX collapsed one after another; in hindsight, they were good accumulation opportunities, but they did not occur all at once. Over the coming days, the KOL will focus on withdrawals, risk contagion, futures leverage liquidation, and spot demand. The above is personal opinion only and does not constitute investment advice.

Source: TechFlow