BitMine Chairman Tom Lee says crypto’s muted response to the $6.3 billion Binance hack signals a bull market. However, stablecoin and sentiment data show money and confidence still leaving the market.
Ethereum (ETH) traded at $2,254.11 at press time, down 1.71% over the past 24 hours, per BeInCrypto Markets. Against Bitcoin (BTC), ETH has held up better this week after losing ground through most of October. It is down 2.87% over the past week compared to BTC's 3.6% drop.
Ethereum (ETH) Price Performance. Source: BeInCrypto Markets Follow us on X to get the latest news as it happens
Lee Reads a Calm Crypto Market as a Bull Signal
Lee made his case in BitMine’s latest weekly holdings update. He compared the Binance theft with the $1.5 billion Bybit hack in February 2025.
ETH fell 8% on the day Bybit disclosed its theft and 20% within a week, according to Lee. Since the Binance disclosure, ETH has dropped 4%, even though the theft was about four times larger.
Lee gave six reasons for the muted reaction.
Binance can cover all customer losses. No chain of decentralized finance (DeFi) failures followed, as it did after Bybit. Swift industry action halved potential losses. The FBI named North Korea within 2 days, versus up to 180 days in past heists. The breach hit Binance’s corporate systems rather than a blockchain.The sixth tied price action to market direction.
“Limited price downside is a sign that a crypto ‘bull market’ is underway, notwithstanding recent price declines,” he said.
Meanwhile, BitMine added 8,573 ETH over the past week, bringing its holdings to 6,060,506 ETH. That equals 4.9% of Ethereum’s 122.2 million supply.
Stablecoins and Sentiment Pull the Other Way
In contrast to Lee’s price-based argument, liquidity and sentiment data point to caution.
Total stablecoin market cap stood at $270.3 billion on October 1, per CW8900, an analyst. It has since fallen to $263.4 billion, a $6.9 billion outflow over the past month.
The analyst rated the trend bearish. Bullish phases typically begin when money flows into the market, CW8900 noted, yet funds have kept exiting.
“For a rebound to occur, stablecoins must flow back into the market. Once stablecoin flows shift back to a net inflow, the market is likely to show a rebound,” the post added.
Investor mood has soured as well. The Crypto Fear and Greed Index fell to 26, in Fear territory, on November 3. It read 37 a day earlier, 48 a week ago, and 65, in Greed, a month ago.
CW8900 expects a rebound once stablecoin flows turn positive again. Until that happens, Lee’s crypto bull market case for ETH rests largely on price resilience.
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https://youtu.be/JuvvOJEJTw8Read the Original story Tom Lee Sees a Bull Market in the Binance Hack. Stablecoin Data Disagrees by Kamina Bashir at beincrypto.com