The BitMine chairman calls ETH's limited decline constructive, but his 20% Bybit comparison covers a longer period. BitMine has kept buying Ethereum.
Tom Lee believes crypto's muted reaction to Binance's $6.3 billion hack is another sign that a bull market is underway.
The BitMine chairman pointed to Ethereum's roughly 4% decline following the Oct. 29 theft, which was more than four times larger than the $1.5 billion stolen from Bybit in February 2025.
Ethereum fell 8% on the day the Bybit breach was disclosed and extended its losses to 20% within a week, according to Lee. The 20% comparison covers a full week after Bybit, while the Binance figure covers only the days since Oct. 29.
In a Nov. 2 statement, Lee described the latest market reaction as “very constructive,” arguing that the industry's response to an unprecedented security breach reflects growing resilience.
The prices quoted in BitMine's releases show Ethereum fell approximately 17% between Oct. 4 and Nov. 1.
Lee cited six factors behind the relatively subdued market response, including Binance's ability to cover customer losses, swift intervention by stablecoin issuers and the absence of cascading failures across decentralized finance platforms.
The exchange initially committed more than $6 billion in company funds to cover the stolen assets, seeking to reassure customers that the theft would not leave them exposed to losses.
By Nov. 2, Binance said it had replenished approximately 95% of the affected assets using its own funding sources, including its corporate treasury and insurance reserves.
Source link
