Summary
- Prominent digital-asset trader Killa said the Binance hack could signal a bottom in Bitcoin prices.
- Killa said Binance holds billions of dollars worth of Bitcoin and has the financial capacity to build large buy positions.
- Killa said Binance may have earned as much as $1 billion from liquidations, slippage and trading fees, and that the path toward long-term price gains will become clearer after the market regains balance.
Forecast Trend Report by Period
The Binance hack could signal a bottom in Bitcoin prices, according to a market view from a prominent digital-asset trader.
On October 30, Killa wrote on X, formerly Twitter, that the Binance hack could play the same role as the FTX collapse, which marked the market bottom.
"The best way for Binance to recover its losses is not to push prices lower, but to drive them sharply higher," Killa wrote. He said Binance holds billions of dollars worth of Bitcoin and has the financial capacity to build large buy positions that are not visible to retail investors.
Killa also said Binance may have already made as much as $1 billion from liquidations, slippage and trading fees. Once the market moves past the temporary shock and regains balance, the direction of long-term price gains will become clearer, he added.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.