Bitcoin Finds Its Footing After Binance Security Crisis

Bitcoin recovered its balance early in the week, holding near $77,926 at 11:02 UTC according to CoinGecko. That price stood about 2% above the post-incident low calculated by Unchained. Ether was also relatively steady at $2,285.83, suggesting that the broader market had regained some composure after last week’s turmoil.

Bitcoin Recovers From the Weekend Low

The sharpest setback came on Friday, Oct. 30, when Coinbase data showed BTC-USD falling to $76,141 at 18:50 UTC. Bitcoin’s move back towards the upper-$77,000 range indicated that buyers were still active, even while the Binance breach remained the main story affecting digital-asset sentiment.

The rebound was notable because it developed alongside substantial selling pressure from regulated investment products. Rather than extending Friday’s decline, the market established a temporary floor and began recovering from it.

Binance Reopens Transfers in Stages

Binance started restoring withdrawals at 06:00 UTC on Sunday, Nov. 1. The phased reopening followed a suspension introduced after the security event and gave customers a chance to move assets while the exchange monitored activity.

During the first nine and a half hours, users removed billions of dollars, but the figures did not point to an uncontrolled rush:

• 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 2.1% of the $171 billion in customer assets listed in its Oct. 28 proof-of-reserves report.

The exchange later said withdrawal activity had eased and was stabilizing as anticipated. That trend mattered because it suggested customers were testing access to their funds rather than collectively abandoning the platform.

ETF Selling Does Not Push Bitcoin Lower

U.S. spot Bitcoin ETFs recorded $643.3 million in net outflows on Friday, according to SoSoValue. This was the first American trading session after the attack began, meaning investors were responding to the news while the breach was still unfolding.

BlackRock’s IBIT registered the largest listed outflow at $233.7 million, followed by Fidelity’s FBTC at $201.0 million. Despite the scale of those redemptions, Bitcoin did not revisit the weekend’s lowest level.

That resilience offered a more constructive signal than the headline numbers alone. Heavy ETF withdrawals, a major exchange disruption, and elevated uncertainty all failed to create another major leg lower, pointing to continued demand around the mid-$76,000 area.

North Korean Group Blamed for Record Theft

Blockchain intelligence firms TRM Labs and Chainalysis placed the estimated loss above $6.3 billion and linked the operation to TraderTraitor, a hacking group associated with North Korea. TRM Labs said approximately $6.36 billion was moved across ten blockchains, with much of the activity taking place within roughly 20 minutes.

The incident is considered the largest cryptocurrency theft recorded. Reports indicate that Binance has committed to absorbing the losses through its SAFU emergency fund and corporate resources, rather than transferring the cost to customers. The exchange has also reported covering most of the stolen assets.

Geopolitical Risks Add to Market Uncertainty

Investors are also watching developments involving Iran as the U.S. midterm elections approach. Israeli Prime Minister Benjamin Netanyahu reportedly encouraged President Donald Trump to order military action after the vote, while Trump indicated that negotiations with Tehran were progressing and that he was not rushing towards a decision.

Secretary of State Marco Rubio likewise said that no final decision had been made. As a result, cryptocurrency traders are weighing two separate risks at once: the consequences of the Binance breach and the possibility of a sudden shift in Middle East policy.