Doctor Profit Says Binance May Need $3.3 Billion in Crypto Rebuys

Crypto trader Doctor Profit said Friday Binance may need to buy about $3.3 billion in crypto to replace unrecovered assets tied to the incident, if no additional funds are frozen.

Doctor Profit estimated the incident involved about $6.3 billion, of which roughly $3 billion had been frozen. His calculation assumes Tether and Circle reissue corresponding assets. After that, he put the remaining shortfall at about $3.3 billion, or 2.05% of Binance’s total assets.

Under that scenario, he said Binance would need to repurchase about $3.3 billion in crypto, including Bitcoin (BTC). Binance has not specified a purchase amount. Doctor Profit described the potential repurchases as a source of buying demand.

He said the incident had not changed his bullish view of Bitcoin. Doctor Profit said he still holds a BTC long opened at $80,400 and spot Bitcoin purchased at $60,000.