The situation was promptly stabilized by the actions of the platform itself, which acted proactively and covered 90% of users’ lost funds from its own reserves, and by the Treasury Department. As a result, Bitcoin ignored attempts at mass sell-offs and held around $77,935, while $XRP settled at $1.2498.
The ghost of 2022
The main indicator for the analyst was the complete absence of panic follow-through selling after the shocking news. DonAlt draws a direct analogy with the events of November 2022, when the industry was going through the collapse of the FTX exchange:
“Last time the market didn’t properly sell off after a huge event like this was the FTX collapse. When I saw the lack of follow through then I got giga bullish. And we subsequently went from 16k to 100k. Hard to be bearish here after having been given the same setup yet again”
The expert emphasizes that there are no 100% guarantees in financial markets and classifies the current situation as a game of mathematical probabilities. According to him, when the market prices in colossal negativity but refuses to go down, the odds in the long run are always on the side of buyers.
Still, DonAlt’s argument rests on a single precedent. The FTX analogy worked once, but one case is not a pattern, and the two events differ in important ways. FTX wiped out customer funds for good, while in the Binance case most losses were covered within days.
A market that does not fall on a compensated hack is responding rationally, not necessarily showing hidden strength.
The real test will come in the next few weeks: if prices hold once the news is fully priced in and attention shifts to the stolen funds moving through mixers, the bullish case gets much stronger. If they don’t, the lack of follow-through may turn out to have been only a delay.
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