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Dragonfly Managing Partner Haseeb Qureshi said market reaction to Binance’s $6 billion breach showed a fundamentally different level of maturity from the response to FTX’s collapse. He pointed to the fact that the losses were only 25% smaller than FTX’s funding shortfall, which previously helped push the market into disarray, yet major assets including Bitcoin posted only single-digit declines and held up relatively well on the downside.
Amid broader macroeconomic tightening pressure, large-scale capital outflows remained limited, while dip buying and the rebound resilience of directly affected tokens also stood out, Qureshi said. He added the market was showing firm confidence in Binance’s financial soundness and ability to cover losses, and said close coordination among industry partners and Binance’s pledge to repurchase tokens on a one-to-one basis helped contain fear early. Qureshi said the industry’s ability to absorb and cushion a single negative shock that in the past might have led to systemic collapse marked a watershed in the digital asset ecosystem’s development.