Bitcoin traded at $77,926 at 11:02 UTC on Monday, according to CoinGecko data. This placed the cryptocurrency around 2% above its recent low of $76,141, which was recorded on Friday afternoon following a security incident at Binance, one of the world’s largest cryptocurrency exchanges.
Binance resumes withdrawals after hack
The post-hack low was reached on Friday at 18:50 UTC, when Coinbase’s BTC-USD market notably touched $76,141. Despite this drop, Bitcoin showed resilience and began to recover in the subsequent sessions as market conditions slowly steadied.
Binance reported that it started reopening withdrawals in stages at 06:00 UTC on Sunday. Between 06:00 and 15:30 UTC, users withdrew $4.649 billion and deposited $1.01 billion, resulting in a net outflow of about $3.64 billion. The exchange clarified that this figure represented approximately 2.1% of the $171 billion in total user assets it showed in its Oct. 28 proof-of-reserves statement.
After the initial wave of withdrawals, Binance stated that activity had “declined and are stabilising as expected,” and the company assured users, “Rest assured that market conditions are stable.”
The exchange reopened its operations in a controlled manner to manage fund movements and preserve market stability.
Mini dictionary: Proof of Reserves, a transparency process whereby cryptocurrency exchanges publish cryptographic evidence or financial data to prove they hold sufficient funds to meet customer liabilities, aiming to boost user trust after security incidents or insolvency concerns.
| Exchange | Withdrawals | Deposits | Net Outflow | % of Holdings |
|---|---|---|---|---|
| Binance | $4.649 billion | $1.01 billion | $3.64 billion | 2.1% |
ETF outflows and market reaction
While the cryptocurrency market fought to stabilize, U.S. spot bitcoin ETFs faced significant net outflows. According to SoSoValue data, Friday saw total net outflows of $643.3 million. BlackRock’s IBIT ETF accounted for $233.7 million of the outflows, while Fidelity’s FBTC ETF recorded $201.0 million.
Friday marked the first full U.S. trading session after the Binance security event, which started shortly after the market closed on Thursday. Analysts are closely monitoring whether stabilized withdrawals and gradual price recovery can offset ongoing ETF outflows in the coming days.
The net outflows from U.S. spot bitcoin ETFs reached $643.3 million on Friday, with major funds from BlackRock and Fidelity seeing substantial investor redemptions.
Broader financial markets and geopolitical developments
In the wider financial landscape, Brent crude futures traded at $108.46 at 10:53 UTC on Monday, tracking a decline of roughly 4% from Friday’s close, according to Yahoo Finance data.
The U.S. midterm elections, scheduled for Tuesday, have drawn additional geopolitical focus, particularly regarding Iran. Israeli Prime Minister Benjamin Netanyahu has urged U.S. President Donald Trump to take action against Iran immediately following the vote, Axios reported. However, Trump stated that negotiations with Tehran are progressing and emphasized he was “not in much of a hurry.” Secretary of State Marco Rubio added that no decision had been made concerning potential military action, as reported by Iran International.
Mini dictionary: SoSoValue is a digital asset analytics platform that provides real-time data and insights on cryptocurrency funds, exchanges, and market trends, often cited in professional trading and investment research.
