Tom Lee Sees a Bull Market in the Binance Hack. Stablecoin Data Disagrees

Tom Lee, BitMine’s chairman, argued in the company’s weekly holdings update that crypto’s limited reaction to a $6.3 billion Binance hack signals a bull market, while stablecoin and sentiment data pointed to caution. He compared ether’s 4% drop since the Binance disclosure with its 8% one-day and 20% one-week declines after the $1.5 billion Bybit hack in February 2025, noting the Binance theft was about four times larger. Stablecoin market capitalization fell to $263.4 billion from $270.3 billion on October 1, a $6.9 billion outflow, and the Crypto Fear and Greed Index dropped to 26 on November 3. BitMine added 8,573 ether over the past week, bringing its holdings to 6,060,506 ether, or 4.9% of Ethereum’s 122.2 million supply.