Head of Market Insights at DWF Labs: No Broad Contagion Effect Seen from Binance Hack

TechFlow news, Nov. 9 — According to Cointelegraph, Martin Lee, Head of Market Insights at DWF Labs, said Binance was able to absorb the theft-related losses using its own balance sheet, so the incident does not appear to have triggered a widespread contagion effect, and investors have turned their attention to the impact of the U.S. midterm elections.

The report cited DefiLlama data showing that Binance's net outflows over the 24 hours as of the report totaled $458 million, down from $6.1 billion on Nov. 2 after withdrawals resumed. Bitfinex analysts believe most of the hack's impact appears to have been absorbed by the market, and whether Bitcoin can confirm a bottom will depend on the U.S. CPI data to be released on Nov. 10.

Source: TechFlow