自上周针对全球最大加密货币交易所的创纪录网络盗窃事件发生以来，原本做好最坏打算的交易员们反而目睹比特币完成了一项意想不到的壮举：违背重力。
Since the record cyber theft against the world’s largest crypto exchange last week, traders bracing for the worst have instead watched Bitcoin pull off an unexpected feat: defying gravity.
这款原始加密货币周一上涨约1%，新加坡时间下午1点交易价格约为78300美元。相比周四在币安披露一起黑客攻击之前的高点，它下跌了大约4%，这起攻击最终导致63亿美元的用户资金被转移。该代币的韧性普遍被归因于币安的迅速反应，该交易所从一开始就承诺承担所有损失。
The original cryptocurrency rose about 1% Monday, trading around $78,300 at 1 p.m. in Singapore. It’s down roughly 4% from Thursday’s high before Binance disclosed a hack that would ultimately see $6.3 billion of user funds siphoned off. The token’s resilience has widely been attributed to the swift response from Binance, which promised from the start to cover all losses.
“比特币在周末能够保持稳定，本质上是对币安声明的一次信任投票，”Orbit Markets联合创始人卡罗琳·莫伦表示。“市场显然相信币安有足够的资金来弥补损失。”比特币上周本就受到风险资产抛售的压力，因此其相对的坚挺凸显了交易员们对待此次事件的态度，与上一次重大灾难降临全球最大加密货币交易所时截然不同。在2022年当时全球第二大交易所FTX倒闭期间，比特币在三天内下跌了19%，当时由前亿万富翁山姆·班克曼-弗里德经营的公司从流动性紧张走向破产。
“Bitcoin holding up over the weekend is essentially a vote of confidence in Binance’s statements,” said Caroline Mauron, co-founder of Orbit Markets. “The market is clearly convinced that Binance has enough funds to cover the losses.”Bitcoin was already under pressure last week from a selloff in risk assets, so its relative buoyancy underscores how differently traders are treating the incident than during the last major calamity to strike one of the largest crypto exchanges. During the 2022 collapse of then second-largest exchange FTX, Bitcoin fell 19% over three days as the company run by former billionaire Sam Bankman-Fried went from a liquidity crunch to bankruptcy.
做市商AQC Tech的衍生品交易员肖恩·麦克纳尔蒂表示，比特币此次表现更好的一个原因是，币安正在购买该代币以补偿用户损失。但他表示，潜在情绪依然不安。
Sean McNulty, a derivatives trader at market maker AQC Tech, said one reason for Bitcoin holding up better this time around is that Binance is buying the token to make users whole. But underlying sentiment remains uneasy, he said.
“人们将此视为冰山一角，并预计鉴于人工智能的能力，更多黑客攻击将会发生，”麦克纳尔蒂表示，指的是今年网络攻击中使用人工智能。“如果全球最大的交易所币安都可能被黑客攻击，那么没有人是安全的。”作为潜在紧张情绪的迹象，对比特币下跌的短期保护需求正在增长。根据加密货币衍生品平台Deribit的期权数据，一天期25Delta看跌期权偏斜（衡量交易者为防范大幅下跌而非押注可比上涨所支付溢价的指标）在24小时内上升了约1个百分点，达到6.37点。
“People see this as the tip of the iceberg and expect more hacks to happen given the AI capabilities,” said McNulty, referring to the use of artificial intelligence in cyberattacks this year. “If Binance, the world’s largest exchange, can be hacked then no one is safe.”In a sign of underlying nerves, there’s growing demand for near-term protection against a Bitcoin decline. The one-day 25-delta put skew, a measure of how much more traders are paying to protect against a sizable drop than to bet on a comparable rise, climbed about 1 percentage point in 24 hours to 6.37 points, according to data based on options on crypto derivatives platform Deribit.
交易公司Talos的研究主管叶凯表示，交易者对这次黑客攻击的反应与FTX倒闭不同，后者涉及欺诈。
Kelly Ye, head of research at the trading firm Talos, said traders are responding differently to the hack compared with FTX’s collapse, which involved fraud.
“市场将此视为运营冲击，而非系统性冲击，”叶凯表示，并指出币安的订单簿深度下降了25%至30%，但买家在几小时内就回来了。“这与2022年的情况截然不同，当时整个市场的信心都消失了。”加密货币市场更大的短期影响可能来自周二的美国中期选举。国会控制权的政党更替“可能对加密货币市场结构立法的推进产生有意义的影响，”ViaBTC首席分析师杰夫·科表示。
“The market treated this as an operational shock, not a systemic one,” Ye said, noting that order book depth on Binance dropped 25% to 30%, but that buyers returned within hours. “That’s a very different picture from 2022, when confidence drained out of the whole market.”The greater near-term impact on crypto markets could come from the US midterm elections on Tuesday. A change in party control of Congress “could have meaningful implications for how crypto market structure legislation moves forward,” said Jeff Ko, chief analyst at ViaBTC.
在上周之前，最大的加密货币相关黑客攻击发生在2025年，针对交易所Bybit，该交易所损失了约15亿美元。联邦调查局将币安和Bybit的两起入侵事件都与朝鲜黑客组织TraderTraitor联系起来。
Before last week, the largest crypto-related hack was in 2025 on the exchange Bybit, which lost roughly $1.5 billion. The Federal Bureau of Investigation linked both the Binance and Bybit breaches to the North Korean hacking group TraderTraitor.
与币安一样，Bybit黑客攻击最初对比特币的影响相对较小。然而，在随后的几天里损失不断累积，导致在2月21日攻击发生一周后，该加密货币下跌了约14%。
As with Binance, the Bybit hack initially had a relatively muted impact on Bitcoin. Losses mounted in the days that followed, however, leaving the cryptocurrency about 14% lower a week after the Feb. 21 attack.
叶凯表示，在最新的黑客攻击中，最能在事件发生时识别出市场动荡的交易者，其风险敞口分散在多个交易所。
With the latest hack, Ye said traders best positioned to identify the market disruption as it happened had spread their exposure across multiple exchanges.
“对机构而言，教训很简单：没有哪个单一场所是安全的，既不能用来持有风险，也不能用来读取价格，”她说。
“For institutions, the lesson is simple: no single venue is a safe place to hold risk or to read prices,” she said.