Bitcoin (CRYPTO: BTC) and Monero (CRYPTO: XMR) remain the best bets in current market conditions, according to prominent analyst Alexander Good, who sees “despair” as a consequence of the Binance hack end of October.
Goodalexander Favors BTC and XMR Amid Crypto Market Risks
Good wrote in a post on X that he remains long Bitcoin and Monero while shorting the S&P 500 through perpetual swaps, calling himself bullish on crypto broadly but focused on managing hack and war-related risk to preserve capital.
Good is long Brent crude futures and short SpaceX, Tesla and Apple, arguing a politically unpopular Iran strike before January would hit expensive stocks that have outperformed this year’s AI-driven selloff while pushing capital into oil.
He said he’d immediately exit the oil-and-stocks trade if Trump fires or pressures Defense Secretary Pete Hegseth to resign.
Binance Hacker’s Ethereum and XRP Holdings Fuel Selling Concerns
According to Good, the Binance hacker still holds roughly $1 billion in Ethereum (CRYPTO: ETH) that will likely get converted into Bitcoin, with existing sales and swaps totaling about $1.2 billion, or 33% of the $3.58 billion that remains unfrozen.
That leaves an estimated 529,652 ETH still left to sell, an overhang explaining recent weakness in XRP’s (CRYPTO: XRP) price against Bitcoin, since the hacker has already unloaded $56 million in XRP with another $114 million still to go.
He said that selling pressure arrives at an inconvenient time for XRP specifically, pointing to positive developments around Ripple’s Hidden Road business and strong attendance at Ripple’s Swell conference as reasons the token doesn’t deserve this liquidity squeeze.
Why He’s Waiting to Buy Altcoins
Good expects Bitcoin and Monero to avoid further selling pressure, or even see buying support, since both sit outside the hacker’s remaining inventory.
He pointed out he’ll get more comfortable buying altcoins broadly once the hacker finishes offloading the remaining Ethereum, arguing that selling pressure needs to clear first before a mechanical bounce across the sector becomes worth chasing.
On the regulatory side, he said Senate Democrats will likely focus scrutiny on World Liberty Financial (CRYPTO: WLFI) and Trump’s own crypto holdings more than other tokens once the new Congress convenes, specifically naming Sen. Elizabeth Warren (D-Mass.) as someone worth watching closely on that front.
He closed his analysis arguing fiat currency “has never made less sense,” with crypto sentiment sitting at what he called “max despair.”
That setup, he believes, favors Bitcoin and privacy-focused assets like Monero first, with altcoins following once the hacker-driven overhang finally clears.
Image: Shutterstock
