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Crypto trader Doctor Profit reaffirmed a bullish outlook for Bitcoin after the recent Binance hot wallet breach, arguing the exchange’s need to replenish lost assets could turn into strong market buying pressure.
Doctor Profit estimated that of the roughly $6.3 billion in total losses, about $3.0 billion has been frozen. Even after the reissuance of frozen assets by Tether and Circle for USDT and USDC, a shortfall of about $3.3 billion, or roughly 2.05% of Binance’s total assets, would remain, according to the analysis. Doctor Profit said Binance had pledged one-for-one reimbursement for affected tokens, and if no additional recoveries are made, the exchange would need to repurchase large cryptocurrencies including Bitcoin through the open market and OTC channels. From a macro perspective, Doctor Profit said this would amount to net liquidity inflows.
Doctor Profit also said the trader had prepared thoroughly in advance for short-term volatility and entered the market accordingly, while continuing to hold a leveraged Bitcoin long opened around $80,400 and spot holdings with an average entry price of $60,000.