A series of security incidents and significant market movements shaped the cryptocurrency landscape on November 3, with Binance confirming a $6.3 billion hack, surging Bitcoin ETF outflows, a security breach at Brazil’s largest exchange, and key token governance proposals making headlines.
Major tokens decline as market sentiment sours
CoinGecko reported that at 14:13 UTC on November 3, Bitcoin was trading at $77,129, marking a 0.91% loss over 24 hours. Ethereum dropped 0.39% to $2,278.62, while BNB fell 1.19% to $695.10 and Solana declined 1.01% to $93.09. XRP was the only major token among these five to post gains, rising 2.28% to $1.28.
| Asset | Price (USD) | 24h Change |
|---|---|---|
| Bitcoin (BTC) | $77,129 | -0.91% |
| Ethereum (ETH) | $2,278.62 | -0.39% |
| BNB | $695.10 | -1.19% |
| XRP | $1.28 | +2.28% |
| Solana (SOL) | $93.09 | -1.01% |
The prevailing market mood was underscored by the Crypto Fear & Greed Index, which registered 26, indicating continued investor caution.
Binance hack triggers ETF outflows and global scrutiny
The aftermath of the $6.3 billion Binance hack, one of the largest breaches in the history of cryptocurrency exchanges, drove substantial outflows from Bitcoin ETFs. Decrypt reported that cumulative outflows from spot Bitcoin ETFs surpassed $1 billion since the incident. Cointelegraph added that on November 3 alone, US spot Bitcoin funds posted nearly $399 million in net outflows, with BlackRock’s IBIT seeing its single largest outflow since June at $405.3 million.
Tom Lee, Managing Partner at Fundstrat Global Advisors, characterized the market reaction as “constructive,” pointing out that the absence of socialized losses and the prompt actions of leading stablecoin issuers helped contain further fallout. He highlighted that after the hack, Tether and Circle froze stolen stablecoins within hours and Binance absorbed the loss without triggering failures across decentralized finance platforms.
Tom Lee emphasized that Ethereum’s price drop was limited to around 4% following the Binance incident, noticeably less severe than its reaction to the Bybit hack in February 2025. He noted the significance of Binance’s decision to cover losses directly and the speed at which stablecoins were frozen, helping to prevent broader market panic.
Binance confirmed that hourly deposit volumes started to exceed withdrawals after the hack. Meanwhile, Kim Yo Jong, sister of North Korean leader Kim Jong Un, publicly denied any North Korean involvement, labeling such claims provocations and suggesting the US might be responsible. These statements remain unsubstantiated by independent investigation.
Security concerns and the risk of future incidents remain at the center of global crypto discussions as investigations continue.
Security breach at Brazilian exchange Mercado Bitcoin
Mercado Bitcoin, widely recognized as Brazil’s largest cryptocurrency exchange, reported a security breach on November 2 and paused customer withdrawals. The Block indicated that the breach involved $46 million, but further details on the incident or the timeline for resuming withdrawals were not disclosed. The full scope of the impact on customer accounts remains under review, and no timeframe for resolution has been provided.
Mini dictionary: Mercado Bitcoin is the largest cryptocurrency exchange in Brazil, serving millions of users and operating as a major platform for digital asset trading in Latin America.
Mercado Bitcoin initiated a temporary withdrawal pause after confirming a security breach affecting $46 million, while investigations into the full impact are ongoing.
NEAR token issuance cut and Liquid Network update
A governance proposal to reduce NEAR token issuance passed, according to Cointelegraph. The proposal is expected to prevent 11.8 million new NEAR tokens from entering circulation over the next two years, with an estimated value of $45 million at current prices. Immediately following the vote, NEAR’s price dropped by 7%.
Liquid Network, a Bitcoin sidechain operated by Blockstream, announced that its bitcoin reserves had been fully restored following a September exploit. Blockstream supplied the funds needed to reestablish the one-to-one bitcoin reserve backing, returning the pegged network to its intended collateralization level.
Mini dictionary: Liquid Network is a Bitcoin sidechain developed by Blockstream to enable faster transactions and confidential transfers between exchanges and institutions while maintaining a bitcoin-pegged reserve system.
Additional developments
Consensys introduced “Sovereign Network Interoperability” at the Devcon conference, targeting institutional users ahead of planned changes to its MetaMask business. In other market activity, Strategy acquired $65 million worth of BTC and $208 million in STRC last week, and BitMine added 8,573 ETH—now holding over six million ETH in its treasury.
