Renowned trader Killa: The Binance hack incident may signal a market bottom, still bullish on the future market.

BlockBeats news, October 30th: Renowned trader Killa stated, "The collapse of FTX marked the market bottom, and the hacking of Binance will do the same." He believes that it may take some time for the market to digest the temporary shock and rebalance, but he remains bullish on the medium to long-term outlook.

Killa opines that driving prices significantly higher is more beneficial for recouping losses than continued price declines, and expects Binance to take corresponding actions. He notes that Binance holds billions of dollars in BTC, possessing the financial strength to establish multi-billion-dollar long positions, which may not be observable by retail investors.

Furthermore, he speculates that Binance may have already gained approximately $1 billion in profits through liquidations, slippage, and fees.