Bitcoin regained its footing near the US$78,000 mark as Binance gradually restored customer withdrawals after a theft estimated at more than US$6.3 billion. CoinGecko placed Bitcoin at US$77,926 at 11:02 UTC on Monday, roughly 2% above the post-incident low calculated by Unchained.
Ether was changing hands at US$2,285.83, suggesting that the two leading cryptocurrencies had moved into a calmer phase after a turbulent end to the previous week. Bitcoin’s recovery was notable because investors were still responding to a major exchange security breach and substantial fund movements.
Binance Customers Move Billions After Withdrawals Resume
Binance started restoring withdrawals in phases at 06:00 UTC on Sunday, Nov. 1. The decision ended a temporary restriction imposed after the attack and gave customers access to their funds again.
The first period of resumed activity showed heavy withdrawals, but the flow did not develop into an uncontrolled rush:
- Customers withdrew US$4.649 billion between 06:00 and 15:30 UTC.
- Deposits during the same period reached US$1.01 billion.
- The resulting net outflow was approximately US$3.64 billion.
- Binance said the net movement represented about 2.1% of US$171 billion in customer assets listed in its Oct. 28 proof-of-reserves report.
The exchange later said the initial withdrawal surge had eased and was stabilizing. That change gave traders a signal that Binance was managing the reopening process without immediate signs of a broader liquidity crisis.
Bitcoin Holds Despite Heavy ETF Redemptions
Bitcoin also faced selling pressure through US spot exchange-traded funds. SoSoValue data showed US$643.3 million in net outflows on Friday, yet the cryptocurrency did not revisit the sharpest levels seen during the immediate market reaction.
BlackRock’s IBIT and Fidelity’s FBTC recorded the largest withdrawals among the funds, with outflows of approximately US$233.7 million and US$201 million, respectively.
The selling came during the first full US market session after the breach began following Thursday’s close. As a result, American investors were responding to the incident while it was still unfolding. Bitcoin’s ability to remain above the weekend floor indicated that buyers were still willing to enter the market despite the negative headlines.
The key price levels were set on Friday afternoon. Coinbase data showed the BTC-USD pair reaching US$76,141 at 18:50 UTC on Oct. 30. A return to the upper-US$77,000 range represented a meaningful recovery from that low, especially after ETF investors withdrew hundreds of millions of dollars.
Theft Attributed to North Korean-Linked Hackers
The scale of the incident has placed it among the most serious security events in cryptocurrency history. TRM Labs and Chainalysis estimated that losses exceeded US$6.3 billion, while attributing the operation to TraderTraitor, a hacking group associated with North Korea.
Binance said customer accounts would not bear the loss. The exchange committed to using its SAFU emergency fund together with corporate resources to cover the damage. It also reported that it had covered most of the stolen assets, helping reduce fears that customers would face permanent losses.
That commitment appears to have supported a more orderly market response. Customers still removed a significant amount of capital after withdrawals reopened, but the easing pace of withdrawals suggested that the first wave was driven largely by precaution rather than a continuing, uncontrolled run.
Geopolitical Risk Adds Another Source of Volatility
Financial markets are also watching tensions involving Iran as the US midterm elections approach. Axios reported that Israeli Prime Minister Benjamin Netanyahu had encouraged President Donald Trump to authorize a strike against Iran after the vote.
Trump has signalled a less urgent approach, telling reporters that discussions with Tehran were progressing well and that he was not in a hurry. Secretary of State Marco Rubio also said that no final decision had been made, according to Iran International.
For cryptocurrency traders, the coming sessions combine several risks: the continuing fallout from the Binance breach, substantial ETF outflows and uncertainty over US foreign policy. Bitcoin’s move back towards US$78,000 offers some evidence of underlying demand, but further withdrawals or an escalation in geopolitical tensions could quickly test that support.
