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Magyar31 Oct 2026
Bitcoin is trading around $77,400, roughly 4% below its level before the record $6.3 billion Binance hack began on Thursday. Strive CEO Matt Cole says the drop was milder than he expected and the breach does not change the long-term Bitcoin thesis, but he warns it is too early to call a bottom.
Bitcoin TradeReviewed News Desk
Bitcoin’s reaction to the Binance hack has been smaller than many traders feared. Strive CEO Matt Cole told Cointelegraph’s Chain Reaction that the price held up better than he expected, and that an attack on one company’s wallets is closer to a bank robbery than a failure of the Bitcoin network.
How far Bitcoin actually fell
According to CoinGecko data cited by Cointelegraph, BTC traded near $77,400 on Saturday afternoon, about 4% below where it stood shortly before the attack started on Thursday. OKX spot data showed BTC at roughly $77,500 at 16:30 CET, almost flat over 24 hours.
That is mild by historical standards. Anchorage Digital data cited by CNBC puts Bitcoin’s average decline in the first 24 hours after previous exchange exploits at 8.3%. After the $1.5 billion Bybit hack in February 2025, BTC fell about 5%, from near $100,000 to around $95,000, according to a Bitfinex report.
Why this hack is different in size
Glassnode calls the Binance breach the largest crypto hack on record, with around $6.3 billion affected, more than the next nine largest hacks combined. Three of the ten biggest hacks have happened since the start of 2025, and all of them hit exchanges. Blockaid CEO Ido Ben-Natan said the attackers appear to have compromised Binance’s transaction signing process, while Binance said it has found no evidence of leaked private keys. The exchange has since said 90% of affected assets are replenished (see our Binance recovery update and the SAFU wallet BTC transfer).
Strive’s view: conviction, but no bottom call
Strive, a listed company that reported holding 43,000 BTC as of October 23, has a clear stake in the outcome. “I do have conviction that over any reasonable time frame, this does not change the investment thesis on Bitcoin,” Cole said. He described the market as being in an “early spring” phase that could last another six to nine months, with gradual gains rather than a sprint to new highs. He also cautioned that it is too early to say whether BTC has bottomed.
Paul Chapman, financial crime director at Wirex, made the same distinction: Bitcoin itself was not hacked, one company’s systems were.
What it means for traders
- The muted move suggests forced selling has been limited so far, but weekend liquidity is thin and Binance withdrawals are not fully back yet.
- Watch on-chain flows from attacker wallets and any large exchange deposits, which could still add supply.
- Exchange risk is the lesson here, not protocol risk. Spreading funds across venues and using self-custody for long-term holdings reduces single-platform exposure.
Comparing venues? See our exchange comparison, with BingX ranked first and OKX second, or read where to buy your first bitcoin.
This article is for information only and is not financial advice.
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