'Incredible' That Bitcoin Outperformed Gold Last Week Despite $6.3 Billion Binance Hack, Says Analyst
Aniket Verma 6 hours ago
NewsCryptocurrency
Cryptocurrency analyst Willy Woo noted on Sunday, November 1, that Bitcoin didn’t really lose its ground much following the massive Binance hack that unsettled the industry.
Cryptocurrency analyst Willy Woo noted on Sunday that Bitcoin (CRYPTO: BTC) didn’t lose much ground after the massive Binance hack that unsettled the industry.
Woo Says Bitcoin Held Up Well
As of this writing, Bitcoin is down 2.4% over the week, while spot gold is down 2.70%.
| Asset | 24-Hour Gains +/- | 7-Day Gains +/- | Price (Recorded at 1:40 a.m. ET) |
|---|---|---|---|
| Bitcoin | +0.30% | -2.40% | $78,103.00 |
| Spot Gold | +0.84% | -2.70% | $3,905.38 per ounce |
Woo found Bitcoin’s outperformance vis-à-vis gold “incredible,” adding, “BTC is in a bull market.”
INCREDIBLE
— Willy Woo (@willywoo) November 1, 2026
Binance hacked for $6.3B… ETF holders dumped $643M…
Yet Bitcoin outperforms Gold for the week.
Gold: -3.0%
BTC: -2.9%
BTC is in a bull market.
(In contrast FTX rugged BTC -25% in a bear market.)
The analyst compared Bitcoin’s reaction to the aftermath of the FTX collapse in November 2022, when the cryptocurrency dropped to a low of approximately $15,480 from around $21,000 just before the crisis.
The Binance Hack: What Comes Next
Even so, Binance’s $6.3 billion hack has rattled cryptocurrency markets.
U.S.-listed Bitcoin exchange-traded funds saw over $200 million in net outflows last week, according to SoSo Value. The iShares Bitcoin Trust ETF (NASDAQ:IBIT) experienced $233.70 million in outflows on Friday
Binance, the world’s largest cryptocurrency exchange, reported a major security incident late Thursday with an estimated $6.3 billion impact.
The company said it has covered $6 billion, roughly 95% of the stolen funds, using its Secure Asset Fund for Users, futures insurance fund and corporate treasury.
FBI investigators traced the hack back to North Korea’s notorious cybercriminals, the same group behind many such attacks on the cryptocurrency industry.
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