From Decrypt · By Tyler Warner
Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. And check out our daily news show 'FOMO HOUR' covering all of the top stories and market action.
GM!
Today’s top news:
Crypto majors fall further as outflows continue; BTC at $77.3k
BTC ETFs see another $400M in outflows, now $1B+ since Binance hack
Kim Jong Un’s sister says NK not involved in Binance hack and calls allegations a “provocation”
Tom Lee calls Binance hack “constructive,” points to no socialized losses & no DeFi blow-ups
Strategy buys $65M of BTC last week and $208M of STRC
BitcoinBTC · USD$77,666−2.96%Oct 27Oct 29Oct 31Nov 1Nov 3$81.8k$80.0k$78.3k$76.6k24h HighHigh$78,12024h LowLow$76,303VolVol$1.1B→Buy Bitcoin with USDCPowered by JupiterPrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →🐂 Tom Lee Calls the Binance Hack Bullish for Ethereum
Tom Lee looked at the largest crypto theft ever recorded and called the market’s response “constructive”. His company, BitMine Immersion, bought another 8,573 ETH last week, roughly $19.6 million worth, lifting the treasury to 6,060,506 ETH and about $13.7 billion. That’s 4.9% of the total circulating ETH supply, which makes Lee the most ETH-exposed executive on the planet.
His case comes down to one comparison. ETH fell about 4% after the $6.3 billion Binance hack. After the Bybit hack in February 2025, it dropped 8% on day one and 20% over the following week. Lee called that “relatively muted crypto market reaction very constructive” and read it as proof the industry can take a hit this size without cracking.
He pointed to four things behind the bullishness:
Binance covered the loss from its own balance sheet instead of socializing it
Tether and Circle froze the stolen stablecoins within hours
No DeFi protocol blew up as collateral damage, and
Investigators pinned the attack on North Korea almost immediately.
Each of those is a thing that went right in 2026 and went badly in 2025.
The price read holds up, but there are bigger questions for ETH’s future from a trading perspective. October was the worst month in the history of U.S. spot ETH ETFs, with $1.61 billion in net outflows. ETH is down 19% from its local peak, opposed to 11& for Bitcoin.
A potential driver of ETH’s weakness is Tom Lee himself. BitMine is now 99% of the way to the 5% supply cap Lee has said the company will stop at, about 49,500 ETH short, roughly six weeks at last week’s pace. ETH has had a large, price-insensitive, weekly corporate buyer for most of a year, and that buyer is nearly finished.