Bitwise CIO says Binance’s $6.3B hack is unlikely to have lasting impact on Bitcoin

Matt Hougan said historical data shows major crypto hacks have had little consistent impact on Bitcoin prices, pointing to stronger institutional custody protections. The $6.3 billion Binance hack is unlikely to have a lasting impact on Bitcoin ’s price, according to Bitwise chief investment officer Matt Hougan, who argued that major crypto thefts have historically shown little consistent effect on the market. In a Wednesday market commentary , Hougan examined Bitcoin’s performance following the largest crypto hacks in history, finding no consistent pattern of gains or losses over the subsequent month. Bitcoin fell approximately 4% on Friday following the October 29 attack, broadly in line with the Nasdaq 100’s 3% decline. The cryptocurrency has since traded largely sideways, suggesting a limited market reaction to the largest crypto theft on record.

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