00:00
Speaker A
Are are you surprised, Scott that the that Bitcoin is not down more?
00:05
Scott
No, I'm not actually. I think that Bit bit Bitcoin is an idiosyncratic syncratic asset, tends to sort of trade trade on its own in a vacuum. In fact, I would say that Bitcoin's probably down more uh as a result of what's happening with tech and markets than it is uh with what happened with Binance. for for better or for worse, uh Bitcoin has survived much larger incidents than this and I think that the the market has become wise to the fact that this is an exchange issue, this is a platform issue, but it's not a Bitcoin got hacked issue, which is a narrative that we would have heard in the past with people who didn't fundamentally understand the difference. Actually, the sentiment seems by the dip across the board from what I'm seeing. and if you look on chain actually the as we call them the whales, you know, the larger wallets have been buying up Bitcoin massively here at 76, 77, 78, they're not afraid at all this is going to continue down.
01:13
Speaker B
Well, and the majority of the had to do with Ethereum, right? It was it was primarily Ethereum, right?
01:21
Scott
Yeah, I think it was a large mix. I'm just going to pull it up so I don't misspeak. It was 3.53 billion in Ethereum, 1.45 billion in Bitcoin, 628 million in Tron and roughly 38 million in various other assets including Arbitrum, Optimism, and Base. Actually, some of the irony is that some of this had to do actually with an upgrade in Ethereum that allowed this sort of signature issue to happen. It's not a problem with Ethereum itself. It was just that that's where they identified the ability to exploit. but I think it's really just a function of what's sitting in the treasury and accessible in those hot wallets, which are not the cold wallets and they steal what they can get.
