Strive CEO: Bitcoin has performed better than expected after the Binance hack, but it is still too early to confirm a market bottom.

BlockBeats news, October 31 - Strive CEO Matt Cole stated that the approximately $6.3 billion theft incident at Binance has not changed his long-term investment judgment on Bitcoin. Considering the scale of the attack and overall market weakness, Bitcoin's decline was smaller than he expected, but it is still too early to determine whether the price has bottomed out at this stage. Currently, Bitcoin is priced at approximately $77,400, down about 4% from before the attack began on Thursday. Strive previously disclosed that it held 43,000 BTC as of October 23.

Cole compared this wallet attack to a bank robbery rather than a failure of the Bitcoin network. Paul Chapman, Head of Financial Crime at Wirex, also emphasized that the attack targeted a company's systems, not the Bitcoin network itself. Regarding future trends, Cole believes the market is in an "early spring" style recovery phase, which may last another 6 to 9 months, with prices gradually rising rather than rapidly hitting new highs. He stated that within any reasonable timeframe, this incident will not change his investment logic on Bitcoin.

In terms of historical market reactions, after the $1.5 billion attack on Bybit in 2025, combined with overall market volatility, Bitcoin fell from near $100,000 to approximately $95,000, a decline of about 5%. Additionally, according to CNBC citing Anchorage Digital data, after past attacks on crypto trading platforms, Bitcoin's average decline in the first 24 hours was 8.3%.

The attack investigation is still ongoing. Blockaid CEO Ido Ben-Natan believes the attackers may have exploited Binance's transaction signing process. His analysis found an Ethereum transaction containing 50 signature authorizations, with matching authorizations allowing attacker-controlled code to execute through the wallet. Binance stated that as of Friday, no evidence of wallet private key leakage had been found.