Dragonfly Partner: Market Reaction to Binance Hack Far Calmer Than FTX, Says Industry Has Matured

TechFlow reported that on October 30, Dragonfly Managing Partner Haseeb Qureshi (@hosseeb) posted on X on October 30 that the market reaction to the Binance hack was completely different from the FTX incident. The market fell only a few percentage points, overall sentiment remained calm, dip-buying flows continued to enter, and outflows were relatively limited even amid macro weakness. Directly affected altcoins performed solidly, as the market expected Binance to buy back related assets.

He pointed out that the losses from this theft were slightly above $6 billion, only about 25% less than FTX's funding shortfall in dollar terms, but market confidence in Binance's commercial credibility remained high, and the industry quickly assisted one another. He believes this shows that the industry has matured.

Source: TechFlow