Breaking News: Binance Hot Wallet Suspected of Being Hacked, Bitcoin Price Plunges 78K, Over 600 Million Dollars Liquidated Brothers and sisters, something really big has happened in the crypto world! On-chain data shows a massive abnormal outflow from Binance's hot wallet (Binance 14), involving approximately 167,000 ETH and 1.6 billion USDT, totaling about $2.5 billion to $3.5 billion, involving more than 60 different tokens. CZ later confirmed on X: "It looks like Binance has indeed been hacked." However, he emphasized that user funds are safe and thanked Tether and Circle for quickly freezing approximately 971 million USDT and 823 million USDC, totaling nearly $1.8 billion. Market Reaction: Long Positions Collapsed! As soon as the news broke, BTC plummeted from around 80,800 to 78,300, and ETH dropped by more than 4%. In the past hour, $629 million in positions were liquidated across the network, of which $607 million (97%) were long positions. BTC liquidations totaled 190 million, and ETH liquidations totaled 157 million. Binance itself absorbed approximately 344 million in liquidations, the highest across the entire network. Key Assessment: This is a combination of security incident panic and leveraged long position sell-off, not a trend reversal. However, the market is also weak. For a detailed analysis, please see the Bitcoin weekly report below, which projects several possible BTC price movements. CZ has spoken out, stating that the SAFU fund (approximately $1 billion) is providing a safety net, and the frozen amount is still expanding. If the BTC price cannot hold above 78K, there may be a second wave of panic, with a high probability of it falling to around 77K. The outlook for US stocks and Bitcoin is not good. Do not chase the short position, and do not rush to buy the dip. Wait for Binance's official explanation and compensation plan; that will provide real reassurance.