Tom Lee Sees Bull Market in Binance Hack, ETH Remains Weak
Lee sees the market’s calm reaction to the Binance hack as a bull market signal, but stablecoins still saw $6.9 billion flow out and sentiment around Ethereum remains weak.
Key Takeaways
- Tom Lee sees the calm reaction to the Binance hack as a sign that the crypto market is still in a bull market.
- Ethereum fell about 4% after the hack, while the stolen amount was nearly four times larger than in the Bybit hack.
- Stablecoins saw $6.9 billion flow out in a month, and the Crypto Fear and Greed Index fell to 26, pointing to weak sentiment.
BitMine chairman Tom Lee sees the calm reaction to the $6.3 billion (€5.6 billion) Binance hack as a sign that the crypto market is still in a bull market. At the same time, stablecoin data and investor sentiment show that money and confidence are still flowing out of the market. Ethereum was trading at $2,254.11 (€2,010) at the time of publication, down 1.71% over 24 hours.
Lee Points to Resilience
Lee compared the Binance hack with the $1.5 billion (€1.3 billion) Bybit hack from February 2025. According to him, Ethereum fell 8% on the day the news broke and 20% within a week back then. After the Binance announcement, ETH dropped about 4%, even though the stolen amount was nearly four times larger.
He gave several reasons for that calm reaction. According to him, Binance can cover all customer losses, there was no chain reaction in DeFi, and the industry moved quickly to limit the damage. He also pointed out that the FBI identified North Korea within two days, while that sometimes took much longer in earlier hacks. The attack also hit Binance’s corporate systems rather than a blockchain itself.
Stablecoins Keep Flowing Out
That view is contrasted by a weaker picture in liquidity. The total stablecoin market cap was still at $270.3 billion (€241 billion) on October 1, but has since fallen to $263.4 billion (€235 billion). That means an outflow of $6.9 billion (€6.2 billion) in one month.
Sentiment also weakened further. The Crypto Fear and Greed Index dropped to 26 on November 3, in Fear territory, compared with 37 a day earlier, 48 a week earlier, and 65 a month earlier. Analyst CW8900 said a recovery usually starts when stablecoins begin flowing back into the market on a net basis.
Why This Matters
For European crypto investors, this matters mainly because the reaction to a major hack says something about how fragile or resilient the market is at that moment. At the same time, the outflow from stablecoins shows that price resilience does not automatically mean broad confidence is back. That makes the debate around Ethereum bigger than just today’s price.
BitMine itself bought another 8,573 ETH in the same week and reached 6,060,506 ETH, equal to 4.9% of the total Ethereum supply. That leaves the company heavily exposed to ETH’s performance, while the broader market is still waiting for clearer improvement in liquidity and sentiment.