It's impossible to say that Binance wouldn't be affected by the hack. After Bybit's hack, it initially seemed unaffected, but it eventually suffered a significant blow and visibly declined. Of course, this process involves overall operational decisions and market conditions, with several steps in between, so a linear deduction isn't possible, but the impact is undeniable. Looking further ahead, the impact of this hack certainly won't compare to the panic caused by the arrests of Li and Xu, or the impact of the FTX collapse. Historically, every major panic and crash has been followed by a bull market, as panic accelerates the shakeout of tokens. The biggest question now is whether today represents the bottom or just the beginning of the decline. What impact will the loss of so much liquidity and cash flow have on Binance and the market? Will they relax listing requirements or market-making requirements, or even create artificial bull markets, to recoup losses and divert attention/recover funds? After all, market trends directly affect everyone's interests. However, it's important to note that any major change in operational strategy cannot be made on a whim; it requires consideration of not only market factors but also regulatory constraints. Meanwhile, the theft of the cryptocurrency exchange will undoubtedly benefit bullish investors in the short term. Once withdrawals resume, some will certainly withdraw their funds to hedge against risk, which will then impact industry competition and reshape the competitive landscape. However, ultimately, these industry-wide events are merely localized fluctuations. The real storm will likely arrive after the midterm elections, with Trump's potential actions—whether it's the Democrats regaining power or changes in the Iranian situation—capable of triggering significant market turmoil.