Tom Lee says the Binance hack is bullish for Ethereum
Tom Lee says ETH's muted drop after the Binance hack is constructive, while his firm BitMine nears the 5% ETH supply cap he set.
The facts
- According to Decrypt's Morning Minute newsletter, ETH fell about 4% after the $6.3 billion Binance hack. After the Bybit hack in February 2025 it fell 8% on day one and 20% over the next week. Tom Lee called the reaction "constructive".
- BitMine Immersion bought another 8,573 ETH last week, worth roughly $19.6 million. That lifts its treasury to 6,060,506 ETH, about $13.7 billion and 4.9% of circulating supply.
- Per the newsletter, October was the worst month on record for US spot ETH ETFs, with $1.61 billion in net outflows. ETH is down 19% from its local peak, against about 11% for Bitcoin.
- BitMine is about 49,500 ETH short of the 5% cap Lee has said it will stop at, roughly six weeks at last week's buying pace.
Case notes · Danny's take
Why it matters
A smaller drop than last time is a fact. Calling it bullish is a reading. The same newsletter points out that the biggest steady buyer of ETH for most of a year is almost at its self-imposed limit. Not the headline. Not the take. Who is left on the bid.
For traders
Don't trade the quote. Watch weekly BitMine purchase disclosures, spot ETH ETF flows after October's outflows, and whether ETH keeps lagging Bitcoin. If the buyer slows and nobody replaces it, you may be the exit liquidity.
Not financial advice. Do your own investigation.
This story was summarised with AI from Decrypt's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.