Analysis: Bitcoin’s volatility falls to its lowest level since 2016, sustained deleveraging reduces liquidation risks

Synthetix issued a statement noting that the SNX tokens stolen from Binance have been recovered by the Synthetix Protocol DAO, and are now safely held in the Protocol DAO’s Safe wallet. The protocol added that it has notified Binance, and will return the relevant tokens once it receives Binance’s request.

After the Binance hack, large traders ramped up their positions in Bitcoin put options for hedging. Nicolas Quatravaux, head of Europe, Middle East and Africa (EMEA) at Paradigm, said that within 8 hours of the incident, the notional value of BTC block trades on the platform reached roughly $590 million, equivalent to half of the related block trading volume on Deribit in the same period, with trades clearly skewed toward put options. The first large trade took place at 20:38 UTC, before the news was made public: a purchase of put options covering 250 BTC, expiring October 31, with a strike price of $78,000, with a notional size of around $20 million. Three minutes later, another buy of the same contract incurred a cost about 35% higher. Buy orders were mainly concentrated on strike prices between $74,000 and $78,000, with most expiring this week and mid-November. Notably, two put option trades expiring mid-November with a strike price of $74,000 each covered 1,000 BTC, totaling a notional size of around $155 million. The report argues that this move is more of a hedge against further short-term pullbacks rather than a bet on an extreme market crash. Meanwhile, call options expiring in March were still being traded in the market, indicating not all traders are taking a defensive stance. Standard Chartered warned that market weakness could persist, and a new market bottom may not form until incident details are clarified and relevant exchanges and protocols unfreeze the involved tokens.

Binance founder CZ posted that the recovery of token assets appears to have started. He added that when users trade on Binance, they pay trading fees in the traded cryptocurrency, leading the exchange to naturally accumulate various tokens listed on its platform. CZ also emphasized: "User fund security!"

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Binance founder CZ has responded to community discussions about Bitcoin’s resistance to price declines, stating that the leading cryptocurrency’s performance is quite surprising given the larger drops seen in traditional financial markets today. Historically, downturns in traditional markets weigh on crypto prices as investors sell assets to hoard cash, but Bitcoin has shown remarkable resilience this time. Earlier, some community users noted that a $6 billion+ hack on the world’s largest crypto exchange would likely trigger a sharp Bitcoin price slump, yet the token only fell around 3% that day—leading many to believe the market bottom may be approaching.

According to on-chain analyst Yu Jin’s monitoring, after all ETH long positions were liquidated this morning, crypto figure Huang Licheng, nicknamed "Big Brother Ma Ji", deposited 250,000 USDC to go long again in the afternoon. He currently holds long positions in ETH, HYPE, and BTC totaling approximately $5.88 million. This time, he still used high leverage, with the liquidation price for his ETH position standing at $2,161—only about $86 below the market price at that time. Ma Ji has been trading on Hyperliquid for nearly a year and a half, with a cumulative trading volume of $15.86 billion and a total accumulated loss of roughly $37.05 million.