It seems that the reason for BTC's decline is exactly the same as what I saw in the information, stemming from the balancer hacker incident.
Subsequent news has also emerged.
BTCUSDT
Perp
95,224.8
-0.01%
Due to witnessing the UPS plane crash event on the morning of the 5th against the current BTC, it can be confirmed that the drop is caused by network and security issues. Investigating from this aspect:
1. On the evening of the 3rd at 8 PM, it was reported that Balancer was exploited, draining $128 million from the liquidity pool, leading to a 3% drop in DeFi TVL and causing Uniswap to become unbalanced. Subsequently, several users on X linked this to the BTC drop, calling it the "DeFi trust crisis amplified sell-off."
2. The plane crash event highlighted that panic began to escalate from the bad debt incident at Stream Finance involving $284 million linked to BTC collateral pools on the 3rd.
3. Following the aforementioned causes, the Balancer hack led to a 9% drop in altcoins, and the collapse of WBTC pricing indirectly affected BTC.
Conclusion: The primary issue of the drop stems from the Balancer hack incident, which caused a temporary freeze triggering a subsequent chain reaction of 9 matches.
Due to the plane crash occurring in the morning, the occurrence of fire properties has been observed, which directly points to network issues, confirming the cause of the drop.
$BTC
{future}(BTCUSDT)
1. On the evening of the 3rd at 8 PM, it was reported that Balancer was exploited, draining $128 million from the liquidity pool, leading to a 3% drop in DeFi TVL and causing Uniswap to become unbalanced. Subsequently, several users on X linked this to the BTC drop, calling it the "DeFi trust crisis amplified sell-off."
2. The plane crash event highlighted that panic began to escalate from the bad debt incident at Stream Finance involving $284 million linked to BTC collateral pools on the 3rd.
3. Following the aforementioned causes, the Balancer hack led to a 9% drop in altcoins, and the collapse of WBTC pricing indirectly affected BTC.
Conclusion: The primary issue of the drop stems from the Balancer hack incident, which caused a temporary freeze triggering a subsequent chain reaction of 9 matches.
Due to the plane crash occurring in the morning, the occurrence of fire properties has been observed, which directly points to network issues, confirming the cause of the drop.
$BTC
{future}(BTCUSDT)
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