Tom Lee, head of BitMine Immersion, called the market's reaction to the $6.3 billion Binance hack, the largest crypto theft on record, “constructive.” He cited four factors: Binance covered the loss from its own balance sheet, Tether and Circle froze the stolen stablecoins within hours, no DeFi protocol collapsed, and investigators quickly attributed the attack to North Korea. ETH fell about 4% after the hack, compared with an 8% drop on day one and 20% over the following week after the February 2025 Bybit hack. BitMine holds 6,060,506 ETH, or 4.9% of circulating supply, and is 99% of the way to its 5% cap, about 49,500 ETH short. With this large weekly corporate buyer nearly finished, the article asks what ETH demand will look like without it.
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Related tickers and likely impact
BNB/USDT
▼ Likely negativeBNB
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Exchange tokens |
| Market cap | $92.9B |
| Close on 11/02/2026 | 699.25 |
| Change that session | -1.89% |
ETH/USDT
▲ Likely positiveEthereum
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $277.2B |
| Close on 11/02/2026 | 2,253.29 |
| Change that session | -0.97% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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