TL;DR
- Bitcoin slipped 0.4% to around $77,900 as investors assessed the fallout from Binance’s $6.3 billion hack as binance outflows pressure BTC’s price.
- Binance reported $3.64 billion in net outflows during the first nine and a half hours after withdrawals resumed.
- U.S. spot Bitcoin ETFs recorded $643 million in outflows on Friday, adding to pressure on the market.
- Traders are watching U.S. midterm elections and upcoming employment data for fresh market direction.
Bitcoin Faces Renewed Pressure as Binance Reopens Withdrawals
Bitcoin traded near $77,900 on Monday as the cryptocurrency market continued to digest the consequences of the $6.3 billion security breach at Binance. The world’s largest crypto exchange has resumed withdrawals in phases, but the return of normal operations has not immediately eliminated investor concerns.
According to Binance, customers withdrew about $4.65 billion and deposited about $1.01 billion during the first nine and a half hours after withdrawals reopened on November 1. This left the exchange with $3.64 billion in net outflows, equivalent to approximately 2.1% of its reported $171 billion in assets.
Binance said withdrawal demand surged initially before beginning to stabilise, while deposit volumes remained substantial. The exchange also said it has replenished about 95% of the assets stolen during the attack.
Despite these reassurances, the incident has placed renewed attention on exchange security and the risks associated with holding cryptocurrency on centralised platforms.
Bitcoin ETF Outflows Add to Market Uncertainty
Selling pressure has extended beyond exchange-related activity. U.S. spot Bitcoin exchange-traded funds recorded approximately $643 million in outflows on Friday, marking their largest single-day withdrawal of October, according to market reports.
Meanwhile, cryptocurrency derivatives trading has become more active without a comparable increase in open interest. This suggests traders are adjusting existing positions rather than committing significant amounts of fresh capital to the market.
Liquidations also increased as leveraged positions were closed, reinforcing the cautious mood across digital assets.
Traders Turn Their Attention to Upcoming Economic Events
Bitcoin’s next move could depend on a combination of crypto-specific developments and broader financial market conditions.
Investors are monitoring the U.S. midterm elections on November 3, alongside the upcoming American employment report scheduled for November 6. Both events could influence expectations surrounding economic policy and financial markets.
For now, Bitcoin’s ability to hold near $78,000 offers some evidence of resilience following the Binance incident. However, continued ETF outflows and uncertainty surrounding exchange security could limit any recovery.
The key question is whether stabilising withdrawals and improving confidence will help Bitcoin regain upward momentum, or whether investors will continue reducing risk in the days ahead.
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