An assessment said bitcoin showed a more resilient-than-expected performance even after a $6.3 billion hacking incident at Binance.

On Oct. 31 local time, blockchain media outlet Cointelegraph reported that Matt Cole (맷 콜), CEO of Strive, assessed that the hacking incident did not change the case for long-term bitcoin investment.

Cole likened the attack targeting Binance wallets to a bank robbery and said it should be distinguished from a failure of the bitcoin network. He said the incident does not change the bitcoin investment case.

Bitcoin traded around $77,400 on the day. That was about 4 percent lower than Oct. 29, just before the hack occurred, and Cole viewed bitcoin's decline as smaller than expected given the scale of the hack and broader market weakness. He added it was still too early to conclude the price had hit a bottom.

Strive is a listed company that holds bitcoin on its balance sheet. The company said it held 43,000 BTC as of Oct. 23. Cole's remarks drew market attention as the perspective of an executive at a company that holds bitcoin directly.

Inside and outside the market, comments also continued that the incident should be distinguished as an exchange security issue or a vulnerability of bitcoin itself. Paul Chapman (폴 채프먼), head of financial crime at Wirex, said, "It must be made clear that bitcoin itself was not hacked," adding, "A company's system was attacked, and that is a different issue from the network being breached."

On-chain analytics firm Glassnode tallied the Binance incident as the largest cryptocurrency hack on record. The damage totaled about $6.3 billion, surpassing the previous record of $1.5 billion in the Bybit hack in February 2025.

CNBC reported that during the 2025 Bybit hack, bitcoin fell about 5 percent from around $100,000 to $95,000. In past exchange hacking cases tallied by Anchorage Digital, bitcoin's average decline over 24 hours after an incident was 8.3 percent. Cole cited the smaller drop after the Binance incident as the basis for his assessment.

Future issues are the attack route and Binance's follow-up response. Ido Ben-Natan (이도 벤나탄), CEO of Blockaid, said the attackers appeared to have compromised Binance's trade-signing process. He also said he identified an Ethereum transaction containing 50 signature approvals that included different transaction counts, and analyzed that approval values tied to it allowed attacker-controlled code to operate through wallets. Ben-Natan said a pre-signing inspection procedure could have blocked the malicious attack.

Cole placed more weight on the likelihood that the market could maintain a gradual recovery rather than an immediate plunge even under these conditions. He described the current market as a recovery phase in an 'early spring' stage and viewed prices as likely to rise gradually rather than surge over the next 6 to 9 months.