Binance Net Outflows Hit $3.64B as Bitcoin Holds $77,900

Bitcoin slipped 0.4% to approximately $77,900 on Monday as the market continued to process the financial implications of the $6.3 billion security breach at Binance. The price movement occurred as investors evaluated the exchange’s recent operational updates and the broader flow of capital within the digital asset sector.

Exchange Withdrawal Data

Binance resumed withdrawal operations in phases on November 1. According to the exchange, customers withdrew approximately $4.65 billion during the first nine and a half hours after the service reopened. During the same period, customers deposited about $1.01 billion. The difference resulted in $3.64 billion in net outflows for the exchange.

These net outflows represented approximately 2.1% of Binance’s reported total assets of $171 billion. Binance stated that withdrawal demand was high immediately after the resumption but began to stabilize over time. The exchange noted that deposit volumes remained substantial during this initial period. Additionally, Binance said it has replenished about 95% of the assets stolen during the security attack.

ETF Flows and Market Sentiment

Pressure on Bitcoin extended beyond exchange-specific activity. U.S. spot Bitcoin exchange-traded funds recorded approximately $643 million in outflows on Friday. This figure marked the largest single-day withdrawal for these funds in October, according to market reports. The outflows added to the cautious sentiment observed in the broader cryptocurrency market.

Trading activity in cryptocurrency derivatives increased, but this rise was not accompanied by a comparable increase in open interest. This pattern suggests that traders were adjusting existing positions rather than committing significant amounts of fresh capital to the market. Liquidations also increased as leveraged positions were closed, reinforcing the defensive posture of market participants.

Upcoming Economic Events

Investors are currently monitoring two major U.S. economic events that could influence market direction. The U.S. midterm elections are scheduled for November 3. Following that, the American employment report is set for release on November 6. Both events are expected to impact expectations regarding economic policy and financial market conditions.

For now, Bitcoin has maintained its position near the $78,000 level, showing some resilience following the Binance incident. However, the combination of continued ETF outflows and ongoing questions about exchange security may limit any immediate recovery in price.