UPDATE: We are now seeing substantially larger cross-chain holdings associated with the Binance hack.
Here's the potential selling pressure relative to market cap and 24h trading volume:
• BTC: $1.45B (0.09% of mkt cap, 4.6% of volume)
• ETH: $883M (0.32% of mkt cap, 6.1% of volume)
• TRX: $236M (0.75% of mkt cap, 59.6% of volume)
• SOL: $95M (0.16% of mkt cap, 3.2% of volume)
TRX is particularly concerning, with holdings equivalent to nearly 60% of its daily trading volume.
The absolute BTC and ETH exposure is enormous, but both have significantly deeper markets.
1/ The Binance hack is massive, but the actual market impact could be very different from the headline numbers.
With much of the stolen stablecoins already frozen, the bigger question is which altcoins the hacker can still dump.
I went through the hacker's wallet and compared the holdings against trading volume and market cap. 🧵
1/ The Binance hack is massive, but the actual market impact could be very different from the headline numbers.
With much of the stolen stablecoins already frozen, the bigger question is which altcoins the hacker can still dump.
I went through the hacker's wallet and compared the holdings against trading volume and market cap. 🧵
10/ Important caveat: trading volume isn't the same as available liquidity.
A holding equal to 100% of daily volume doesn't imply a 100% price decline.
Actual impact depends on execution, exchange access, order-book depth and whether issuers or protocols can intervene.
11/ My biggest watchlist from the wallet is FUN, PROM, RSR, RED, OGN, SOPH, ERA and GTC.
The interesting question isn't just how much was stolen. It's how much remains transferable, how quickly the hacker can liquidate it, and which markets have enough liquidity to absorb those sales.
All figures are approximate, based on the wallet snapshot and as of about 15 minutes ago
Joshua Frank retweeted
Getting impersonated on an app you don’t even use shouldn’t happen.
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From Wall Street to palm trees.
We brought a taste of the Caribbean to The Bridge this week. Next stop: Punta Cana.
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JUST IN: AMC unveils a new Dune 3 popcorn bucket featuring two sandworm openings, saying the design "makes it easier to share popcorn."
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Abdul El-Sayed's father is board member of charity accused of funneling cash to Saddam Hussein trib.al/EdcDCH8
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I am in Ottawa for some very serious meetings. Thankfully, there are enough free tampons in the men’s washroom to get me through the next few days.
Thank you Canadian taxpayers
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BREAKING via NYT: In 2016, the Obama administration investigated Rep. Ilhan Omar (D-MN) and found “some evidence that Ms. Omar had entered into a sham marriage with a man suspected of being her brother”, but the case and potential felony charges stalled because of a 5 year statute of limitations.
nytimes.com/2026/10/29/us/im…
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BREAKING: A new study finds that one-third of all accounts reposting support for Abdul El-Sayed in Michigan’s Senate race are based overseas.
You are being manipulated.
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