Here's how big bitcoin traders responded after the Binance hack hit
Source: CoinDesk ·
From the source
Your day-ahead look for Oct. 30, 2026 This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here , if you haven't already. A day ago, we noted how bitcoin BTC $77,299.35 investors were buying insurance against potential price drops in the largest cryptocurrency. That bias strengthened after a hacker walked away with more than $6 billion in crypto assets from Binance, the largest crypto exchange. The insurance in question is a put option, which gives the buyer the right to sell bitcoin at a predetermined price. The option pays off if the BTC price falls below the agreed sale price, or strike. The scramble to buy these hedges in privately negotiated deals took off on Paradigm, a liquidity network where large traders negotiate bets in block trades. The first big trade hit at 20:38 UTC, about 15 minutes after the first outflows from Binance’s wallet and before the news was public, Nicolas Quatravaux, head of EMEA at Paradigm, the leading institutional liquidity network in crypto…