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

TechFlow reported that on October 30, crypto KOL 0xPickleCati (Pickle Cat) posted on X that following the suspected hack at Binance, the market requires close monitoring over the next 72 hours, with another round of declines not ruled out. He is personally preparing to execute a phased dollar-cost averaging (DCA) strategy.

The KOL believes it is too early to call this "FTX 2.0": FTX was essentially a solvency and credit contagion crisis, while the current Binance incident appears more like a security vulnerability. Approximately $2.4 billion in stablecoins have reportedly been frozen, and Binance has stated that user funds are safe; however, the final losses and secondary impacts remain unclear, and frozen funds do not equate to recovered funds. He also pointed out that before the incident, BTC was already being suppressed by hawkish Fed signals and weakness in tech stocks, and this event has further triggered cascading long liquidations.

Citing 2022 as an example, he noted that the consecutive collapses of LUNA, Celsius, 3AC, and FTX presented good accumulation opportunities in hindsight, but they did not occur simultaneously. Over the next few days, he will focus on observing withdrawals, risk contagion, futures leverage liquidation, and spot market absorption. The above are purely personal opinions and do not constitute investment advice.