Strive CEO Matt Cole stated that Bitcoin performed more strongly than anticipated in the wake of a major security breach at Binance, which affected approximately $6.3 billion in assets and ranks as the largest cryptocurrency hack on record. The comments came as Bitcoin traded near $77,400 to $77,565, representing a decline of about 4 percent from levels around $80,600 shortly before the incident.

Cole, whose firm held 43,000 BTC as of October 23, said the event has not altered his long-term investment thesis for the cryptocurrency. He described the attack on Binance wallets as comparable to a bank robbery rather than any failure of Bitcoin’s underlying network.

Paul Chapman, financial crime director at Wirex, offered a parallel assessment, noting that the breach targeted the systems of one company and left the Bitcoin network itself uncompromised.

Price Reaction Versus Historical Precedents

Bitcoin’s roughly 4 percent drop stood below historical averages. Data compiled by Anchorage Digital and reported via CNBC indicated that Bitcoin has typically declined 8.3 percent in the first 24 hours after previous cryptocurrency exchange exploits. Following the $1.5 billion Bybit incident in 2025, Bitcoin fell about 5 percent from nearly $100,000 to around $95,000 amid broader market pressure.

Three of the ten largest crypto hacks have occurred since the start of 2025, all involving exchanges, according to on-chain analytics. The Binance event surpassed the combined value of the next nine largest incidents.

Recovery Outlook and Market Conditions

Cole characterized the current phase as an “early spring” recovery that could extend another six to nine months, featuring gradual price advances rather than rapid moves to new highs. He stressed that limited price damage after the breach does not by itself confirm that a market bottom has been reached, citing ongoing uncertainties and the broader weakness already present in digital asset markets.

Short-term market data showed Bitcoin, Ethereum and BNB posting modest daily gains while remaining lower over weekly and monthly periods. The Crypto Fear & Greed Index stood at 30, in Fear territory.

Investigation Details

Binance reported that it had found no evidence of leaked wallet private keys, though its probe continued. Ido Ben-Natan, CEO of blockchain security firm Blockaid, suggested attackers may have exploited a vulnerability in the exchange’s transaction-signing process. Analysis pointed to an Ethereum transaction containing 50 distinct authorization signatures, with a matching authorization potentially enabling attacker-controlled code to operate through the wallet.

Cole’s assessment separates the firm’s continued conviction in Bitcoin’s longer-term prospects from any judgment that short-term stability signals the end of the current correction.