BTC has dropped to $62,000 in the past two days. Some say Binance was hacked for $6.3 billion last month, and this time they deliberately drove the market down to buy back the coins at a lower price. I checked the trading data and found that Coinbase was actually the most active spot seller these past few days. From November 9th to 14th (UTC), among the BTC spot trading on the four exchanges, Coinbase actively sold about 8,900 more BTC than actively bought, Binance sold 3,100, Bybit sold 700, and OKX actively bought 1,400 more. Coinbase's difference was nearly three times that of Binance, and BTC on Coinbase was also trading at an average discount of 0.13% that week. The drop to $61,946 on Sunday morning needs to be examined separately. The data above doesn't cover that low point. Coinbase traded approximately 3,400 BTC in one hour, 6.4 times the median hourly volume of the previous three days. A significant amount was indeed released, but to determine who pushed the price down first, we need to analyze the individual transactions across several exchanges at the same time. What I'm more concerned about is where the money is going. The US spot BTC ETF experienced net outflows every day for five trading days last week, totaling $1.065 billion. As of November 14th, the circulating supply of USD stablecoins decreased by $4.44 billion in 7 days and $16.39 billion in 30 days. Withdrawing USDT from exchanges to your own wallet doesn't reduce the amount of USDT in the market. This time, the entire stablecoin supply is shrinking; how much will ultimately be converted into fiat currency and sold outside the stablecoin market cannot be calculated based on this figure alone. Regarding Binance, the theft is real, and Binance itself has stated that it will repurchase assets. However, according to Binance's disclosure on November 3rd, approximately 98% of the affected tokens had been replenished by October 31st. Therefore, I now tend to view it this way: Coinbase is experiencing heavy selling pressure in the spot market, US ETFs are withdrawing funds, and the supply of stablecoins is shrinking—all three factors have quantifiable data. As for Binance's strategy of dumping and then buying to fill the gap, I'd like to first examine the transaction records that can be verified against Binance's proprietary trading account.