Crypto · Bitcoin

Bitcoin soft near recent lows as Binance outflows and ETF selling follow the $6.3B hack

By VoxTradePro Desk · Published 3 Nov 2026, 08:02 UTC+8 · Updated 3 Nov 2026, 20:10 UTC+8 · 4 min read

Bitcoin hovered near recent lows after Binance’s record hack. We cover exchange outflows, ETF selling and the data that matter this week.

Bitcoin entered the new week still digesting the largest exchange theft on record. After the $6.3 billion breach at Binance last week, the coin spent Monday soft near recent lows: Investing.com put BTC around $76,787 by 18:08 ET on 2 November, down about 2% on the day after an October that already cost the market roughly 6%. Earlier in the Asian morning, CoinDesk had reported a rebound toward about $78,600, so the session showed how quickly relief rallies faded.

The story is less about a single print and more about confidence: customers moved funds off the world's largest exchange, and US spot Bitcoin ETFs posted their heaviest daily outflow in months. Live prices are on our Bitcoin page.

Binance outflows after withdrawals reopened

Binance restored withdrawals in phases from 06:00 UTC on Sunday 1 November. In the first nine and a half hours, customers withdrew about $4.65 billion and deposited about $1.01 billion, leaving $3.64 billion in net outflows—roughly 2.1% of the exchange's $171 billion in assets as of its 28 October proof-of-reserves snapshot, CNBC reported, citing Binance's update.

The exchange said withdrawal volumes then declined and stabilised, while deposits remained substantial. It also said it had covered about 95% of the impacted amount with its own funds, up from 90% in an earlier update, with the rest in less liquid tokens that take longer to source. CNBC added that the FBI attributed the attack to North Korean hackers under the TraderTraitor banner, and that Circle had frozen more than $1.1 billion in USDC linked to the incident.

Those figures matter for market structure. Large, sudden withdrawals can force selling if recipients move coins to other venues or cash out, even when the exchange itself absorbs the theft. Our crypto market basics guide covers how exchange flows and custody risk feed into price.

ETF selling added a second wave

US spot Bitcoin ETFs recorded $643.3 million in net outflows on Friday 30 October, the first full session after the hack, according to SoSoValue data cited by CoinDesk. That was the largest single-day withdrawal since 25 June and cut deeply into year-to-date net inflows that had been just over $1 billion before Friday. BlackRock's IBIT led with about $233.7 million out, followed by Fidelity's FBTC at about $201.4 million.

The Block reported the same $643.3 million figure and noted that spot Ethereum ETFs lost $155.9 million the same day—the largest ETH-fund outflow since 7 October—so the risk-off move was not limited to bitcoin. Analysts quoted by The Block framed the Bitcoin ETF exit as de-risking rather than a full institutional exit: about $643 million was still under 1% of spot BTC ETF assets of roughly $98.14 billion.

Why the price stays heavy

Three pressures are overlapping:

Exchange trust shock — even with customer funds said to be made whole, traders are parking coins elsewhere until proof-of-reserves updates settle nerves.
Institutional flow reversal — Friday's ETF drain and a negative Coinbase premium, which CoinDesk flagged as a soft US demand signal, cut a key bid.
Macro caution — US midterms on 3 November and the October jobs report on 6 November keep risk appetite restrained, the same calendar that matters for rates and for assets that pay no yield.

Bitcoinist noted derivatives activity rose without a matching jump in open interest, a pattern consistent with position adjustment rather than fresh leverage. Liquidations also climbed as leveraged bets were closed.

What to watch this week

Binance proof-of-reserves and residual outflows: whether net withdrawals keep shrinking after the initial spike.
US spot Bitcoin ETF flows: a return to net inflows would ease one source of supply; another large IBIT/FBTC day would do the opposite.
US midterms, Tuesday 3 November: regulatory and fiscal expectations for the next two years.
US jobs report, Friday 6 November (08:30 ET, 21:30 Macau time): the BLS release is the main near-term input for December rate odds; see the economic calendar.

Halving-cycle context still matters for the longer view—see bitcoin halvings explained—but short-term moves are being driven by custody risk and flows. If you are asking whether coins are safe on an exchange at all, our guide Is crypto safe on an exchange? explains hot and cold wallets, proof of reserves and who covers losses. Traders watching retracement levels after the post-hack slide can review Fibonacci retracement. In a market that can move several percent in a session, risk management basics remain the practical starting point. You can also compare bitcoin with Ethereum on its market page, or convert sizes with the crypto converter.

Sources

Not financial advice. This article is for general information and education only. It is not a recommendation to buy, sell or hold any asset. Prices move quickly and figures quoted may already be out of date; markets involve risk, including the loss of capital. See our disclaimer.

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