After the $6.3B Binance hack total we looked at on Friday, the damage spread across the whole market.

After the $6.3B Binance hack total we looked at on Friday, the damage spread across the whole market. Total crypto value fell from nearly $2.7 trillion to below $2.6 trillion by midday Friday, per CoinMarketCap. That's roughly $100 billion gone, leaving the market about 39% below its October 7, 2025 record of nearly $4.3 trillion.

Bitcoin dropped to roughly $76,400 intraday before recovering some of the loss. It now sits at $77,764, up 0.78% over the past 24 hours and just above its 30-day support near $77,223, with RSI at 32.6.

The timing is what caught my attention. Crypto's last three bear markets bottomed 11 to 13 months after their peaks, and this hack hit nearly 13 months in. The closest parallel is FTX, which halted withdrawals on November 8, 2022, about a year after the 2021 top.

The market bottomed about two weeks later. Six months after that freeze, crypto was up about 18% and bitcoin about 40%. After both Bybit and FTX, bitcoin fell 14% to 19% the following week and was higher three months later.

This bear market has also been shallower so far. At its worst on July 1, crypto was down 52%, compared with 73% in 2022 and 88% in 2018.

I'm not ready to call it the same script yet. Binance says about $3 billion has been frozen, and reporting puts roughly $3.3 billion still unfrozen. Investigators have linked the attack to North Korea.

Binance says it has replenished about 90% of the affected assets and that ten tokens, including BTC and ETH, are fully backed. That is the exchange covering the losses, not the stolen coins coming back. Clear Street's Owen Lau expects near-term volatility.

Binance is still targeting a restart of withdrawals today, and whether that happens cleanly is the first thing I'm watching. $BTC

Source:
Yahoo Finance: https://finance.yahoo.com/markets/crypto/article/the-binance-hack-knocked-about-100-billion-off-crypto--and-the-timing-has-a-familiar-ring-chart-of-the-day-120412412.html

Not financial advice. For informational and educational purposes only.