Bitcoin regained its footing near the upper-$77,000 range as Binance gradually restored customer withdrawals after a cyberattack that removed more than $6 billion in digital assets from the exchange. The measured rebound suggested that traders were willing to buy despite continued concern about the industry’s largest-ever reported crypto theft.
Bitcoin Finds Support After Friday’s Sell-Off
Bitcoin was trading at $77,926 at 11:02 UTC, according to CoinGecko, approximately 2% above the post-attack low calculated by Unchained. Ether was changing hands at $2,285.83, showing that both leading cryptocurrencies had stabilized considerably from the sharp weakness seen late the previous week.
The market’s lowest point arrived on Friday, Oct. 30, at 18:50 UTC, when the BTC-USD market on Coinbase reached $76,141, based on exchange data. Bitcoin’s return towards the high-$77,000s indicated that buyers were prepared to enter even while news of the Binance breach remained the dominant market story.
The recovery also came during a difficult session for exchange-traded funds. U.S. spot bitcoin ETFs recorded $643.3 million in net redemptions on Friday, according to SoSoValue. BlackRock’s IBIT represented $233.7 million of those outflows, while Fidelity’s FBTC recorded another $201.0 million.
Binance Restores Access in Carefully Managed Stages
Binance began reopening withdrawal services at 06:00 UTC on Sunday, Nov. 1, after suspending transfers following the security incident. The restart was phased, with additional assets and networks subject to further security and stability checks.
During the period from 06:00 to 15:30 UTC, customers withdrew $4.649 billion and deposited approximately $1.01 billion. That left the exchange with a net outflow of roughly $3.64 billion, equal to about 2.1% of the $171 billion in customer assets shown in Binance’s Oct. 28 proof-of-reserves report.
Although the initial withdrawal wave was substantial, Binance said activity later eased and began to settle at expected levels. The exchange also said market conditions remained stable, an indication that it viewed the outflows as manageable rather than evidence of a disorderly rush for the exits.
Bitcoin, Ether and several other major assets were among the first services to return. Binance said it would continue restoring further cryptocurrencies as checks were completed, allowing customers to regain access without reopening every network simultaneously.
The Attack’s Scale Raises Industry-Wide Concerns
TRM Labs and Chainalysis both placed the estimated loss above $6.3 billion. The FBI attributed the theft to TraderTraitor, a hacking operation linked to North Korea, making the incident one of the most serious security failures ever recorded in the digital-asset sector.
The stolen assets reportedly came from hot wallets used for regular exchange operations and included holdings spread across multiple cryptocurrencies and blockchains. The scale of the attack initially raised fears that Binance users could face losses or that stress at the platform might spill into the broader market.
Binance attempted to contain those concerns by promising to cover the losses. The exchange said it had reserved more than $6.34 billion in corporate funds, emergency resources and insurance support, while also pursuing assets that had been frozen or recovered across blockchain networks.
That commitment helped separate the security breach from the financial position of individual customers. The relatively orderly withdrawal pattern, together with bitcoin’s ability to hold above Friday’s low, suggested that the guarantee helped prevent a broader confidence shock.
Geopolitical Risk Adds Another Source of Volatility
Markets are also watching developments involving Iran as the new week begins. The issue arrives alongside Tuesday’s U.S. midterm elections, giving traders another major source of uncertainty while the crypto market continues to digest the Binance attack.
Israeli Prime Minister Benjamin Netanyahu reportedly encouraged President Donald Trump to take military action against Iran soon after the vote. Trump has presented a less urgent position, telling reporters on Saturday that discussions with Tehran were progressing well and that he was not in a rush.
Secretary of State Marco Rubio also said that no final decision had been made. For crypto traders, the combination of exchange-security concerns, substantial ETF selling and unresolved foreign-policy risk creates a particularly sensitive backdrop for the week ahead.
