Bitcoin’s first reaction to the Binance Hack was a liquidation wick, not a drain of a Bitcoin hot wallet. In the hour the reports hit, Nebraskangooner printed $BTC from $80.8k to $78.8k. The wallet debit...
Summary
- Bitcoin’s first reaction to the Binance Hack was a liquidation wick, not a drain of a Bitcoin hot wallet.
- The wallet debit underneath that print, on the Ethereum transaction I opened, was 167,464.25 ETH and about 1.615 billion USDT, plus a long list of other tokens.
- It is not a Bitcoin-chain hot wallet being emptied, and nothing in the posts opened for this piece shows that any bitcoin from the debit was sold.
- One book is the BTC/USDT perp and spot ladder, which gapped while longs were forced out.
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