Tom Lee described the market response to the estimated $6.3 billion Binance hack as “constructive,” noting that ETH fell about 4% while Bitcoin declined 11%. He cited Binance covering the loss with its own balance sheet, Tether and Circle freezing the stolen stablecoins, no DeFi protocol suffering collateral damage, and investigators quickly attributing the attack to North Korea. BitMine Immersion bought another 8,573 ETH for about $19.6 million, lifting its treasury to 6,060,506 ETH worth roughly $13.7 billion and 4.9% of ETH’s circulating supply. The accumulation is approaching the company’s self-imposed 5% cap, about 49,500 ETH away, while ETH spot ETFs in the United States recorded $1.61 billion in net outflows in October.
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