Dragonfly Partner: Market Reaction Following Binance Hack Far More Calm Than FTX, Says Industry Has Matured

on October 30, Dragonfly managing partner Haseeb Qureshi (@hosseeb) posted on X that the market reaction to the recent hack on Binance is drastically different from that following the FTX incident. The market declined by only a few percentage points, overall sentiment remained calm, buy-the-dip orders continued to flood in, and capital outflows were relatively limited despite a weakening macroeconomic backdrop. Altcoins directly impacted by the hack held firm, as the market expected Binance to repurchase the affected assets.

He pointed out that the stolen funds totaled slightly over $6 billion, which is roughly 25% less than the FTX shortfall when measured in USD. Nevertheless, the market retains strong confidence in Binance's commercial credibility, and the industry swiftly rallied to support one another. He believes this signals that the sector has grown more mature.