Morning Minute: Tom Lee Calls the Binance Hack Bullish for Ethereum
Summary
Tom Lee described the market’s relatively modest response to a $6.3 billion Binance hack as bullish for Ethereum, contrasting ETH’s roughly 4% decline with its sharper fall after the 2025 Bybit hack. BitMine bought 8,573 ETH, bringing its holdings to 6.06 million ETH, or 4.9% of circulating supply, near Lee’s stated 5% cap. The commentary notes that ETH is down 19% from its recent peak and U.S. spot ETH ETFs saw $1.61 billion in October outflows. With BitMine close to its accumulation limit, its recurring corporate buying may soon end, raising questions about demand for ETH afterward.
