Fitch Ratings: For Bitcoin-backed securities, the Binance hack reinforces the benefits of conservative collateral coverage and short liquidation periods.
Fitch Ratings: We believe the lower level of disruption in the bitcoin market is probably due to crypto trading market structures having become deeper and more diversified.
Fitch Ratings: The risk of Bitcoin market liquidity becoming constrained in response to crypto-specific shocks may have reduced as the market has matured.