Bitcoin maintained its footing near the high-$77,000 range as Binance gradually restored withdrawals after a record cryptocurrency theft. CoinGecko data placed Bitcoin at $77,926 at 11:02 UTC, approximately 2% above the post-incident low calculated by Unchained.
Ether was also relatively stable at $2,285.83. That resilience contrasted with the sharper weakness seen late the previous week, when the BTC-USD market on Coinbase reached $76,141 at 18:50 UTC on Friday, Oct. 30.
Withdrawal Activity Normalizes After the Freeze
Binance began restoring customer withdrawals in phases at 06:00 UTC on Sunday, Nov. 1. The move followed a security incident that temporarily interrupted the exchange’s withdrawal services.
Early activity produced a substantial net outflow, but the figures did not immediately indicate a disorderly rush for the exits:
- Customers withdrew $4.649 billion between 06:00 and 15:30 UTC.
- Deposits during the same period reached $1.01 billion.
- The resulting net outflow was approximately $3.64 billion.
- Binance said the net figure represented about 2.1% of its $171 billion in customer assets listed in its Oct. 28 proof-of-reserves report.
The exchange later said withdrawals had eased from their initial peak and were stabilizing as anticipated. That trend suggested Binance was processing the demand without the escalating pressure associated with a broader platform run.
Bitcoin Absorbs Heavy Institutional Selling
Bitcoin’s ability to hold above its weekend low was notable because the market was also dealing with significant selling through U.S. spot exchange-traded funds. SoSoValue reported $643.3 million in net ETF outflows on Friday, the largest one-day withdrawal since June 25, according to CoinDesk.
BlackRock’s IBIT recorded the largest decline among the major funds, with $233.7 million leaving the product. Fidelity’s FBTC followed with outflows of approximately $201.0 million.
Friday was the first U.S. trading session after the breach began following Thursday’s close. American investors therefore had their first opportunity to respond through regulated investment products, yet the selling pressure was not enough to push Bitcoin back towards its lowest level of the week.
Losses Exceed $6.3 Billion
The security incident ranks among the most serious thefts in cryptocurrency history. TRM Labs and Chainalysis estimated that attackers moved more than $6.3 billion from Binance wallets across multiple blockchains. Investigators associated the operation with TraderTraitor, a North Korean state-linked hacking group.
TRM Labs said approximately $6.36 billion was transferred across ten blockchains, with most of the movement occurring within roughly 20 minutes. The scale of the theft made the event an immediate test of confidence in both Binance and the wider digital-asset market.
Binance said customer deposits were unaffected and committed to replacing the affected assets through its SAFU emergency fund and corporate resources. That commitment, combined with the staged reopening of withdrawals, helped limit the possibility that the incident would develop into a prolonged liquidity crisis.
Political Risks Add to Market Uncertainty
The hack was not the only issue confronting traders at the start of the week. Investors were also watching tensions involving Iran and the approaching U.S. midterm elections.
Axios reported that Israeli Prime Minister Benjamin Netanyahu had encouraged President Donald Trump to take military action against Iran after the vote. Trump appeared less urgent, telling reporters that discussions with Tehran were progressing and that he was not in a hurry.
Secretary of State Marco Rubio likewise said no final decision had been made, according to Iran International. As a result, cryptocurrency markets entered the new week balancing two major risks: the fallout from a record exchange theft and the possibility of a sudden geopolitical escalation.