Bitcoin Edges Higher as Binance Faces $6B in Outflows After Reopening Withdrawals

Binance records $6.1B in outflows after reopening withdrawals

More than $6 billion in cryptocurrency moved out of wallets associated with Binance within 24 hours of the exchange restoring withdrawals following last week’s record-breaking hack. The outflows highlighted how customers and large investors responded once they regained access to their funds.

The amount represents approximately 3.6% of the $171 billion in assets Binance reported holding before the attack. Data from DefiLlama tracks publicly visible movements across Binance-linked wallets, although some transfers may involve internal exchange transactions rather than direct customer withdrawals.

Despite the large outflow, DefiLlama continued to track around $129 billion in cryptocurrency across wallets linked to Binance. Its asset coverage and calculation methodology, however, differ from the exchange’s own reserve figures.

The withdrawals followed an approximately 45-hour suspension triggered by the October 29 attack, during which hackers reportedly stole around $6.3 billion in cryptocurrency.

Binance began restoring withdrawal services at 06:00 UTC on Sunday, November 1. By 12:36 UTC, all 15 networks and assets included in the initial reopening phase were operational, covering Bitcoin, Ether, Solana, XRP and major stablecoins.

During the first nine and a half hours after services resumed, Binance reported processing $4.649 billion in withdrawals against $1.01 billion in deposits. This resulted in net outflows of approximately $3.64 billion.

The exchange said withdrawal activity surged immediately after the reopening but gradually eased, while deposits continued to flow into its platform.

Other trading venues also recorded increased inflows during the period. OKX attracted approximately $450 million in net deposits, while Bybit received around $134 million. Although the figures indicate that capital was entering competing exchanges, publicly available wallet data does not confirm how much of that money originated from Binance customers.

Binance said on November 1 that it had restored approximately 95% of the assets affected by the security breach. The remaining portion largely consisted of less liquid tokens that require additional time to purchase and replenish.

Bitmine adds $19.4M in Ether as 5% target approaches

Ethereum-focused treasury company Bitmine (BMNR) continued expanding its ETH reserves last week, purchasing another 8,573 Ether worth approximately $19.4 million.

Using the company’s reference price of $2,261 per ETH, the acquisition brought its total holdings to 6,060,506 ETH, valued at roughly $13.7 billion.

The latest purchase was the company’s smallest weekly acquisition since mid-August, indicating a slowdown in its accumulation strategy over recent weeks.

Bitmine now controls approximately 4.96% of Ethereum’s circulating supply and needs another 49,500 ETH to reach its target of holding 5%. Chairman Tom Lee said last month that the company intends to stop purchasing Ether once it achieves that threshold.

Iran developments push oil prices lower as Bitcoin rebounds

Reports from Iran contributed to another decline in oil prices on Monday after the country’s official news agency, IRNA, reported that Supreme Leader Mojtaba Khamenei had authorized the government to pursue negotiations.

The implications of the reported decision remained uncertain, but energy markets reacted positively. West Texas Intermediate crude fell 6.6% to $97.26 per barrel, extending its decline to nearly 7%.

Bitcoin gained approximately $600 and traded around $78,100. Nasdaq 100 futures advanced 1%, while the yield on the 10-year U.S. Treasury note slipped 1.4 basis points to 4.90%.

Morgan Stanley downgrades Coinbase shares

Morgan Stanley lowered its rating on Coinbase (COIN) to underweight, citing deteriorating expectations for the company’s earnings recovery.

Analyst Michael Cyprys also reduced his price target to $120 from $258, pointing to weaker confidence in the company’s earnings outlook.

Coinbase shares had already declined more than 10% on Friday following a disappointing third-quarter earnings report and broader market selling. At that point, the stock was down approximately 40% year to date and 57% over the previous 12 months.

The shares dropped another 2.65% in premarket trading to $139.74.

Financial markets attempt a modest recovery

Bitcoin rose approximately 1% from Friday evening levels to around $77,500, while Nasdaq 100 futures gained 0.6% ahead of the U.S. market opening.

The rebound followed a sharp market decline, with reports of potential diplomatic developments involving Iran helping ease pressure on oil prices. Crude had fallen roughly 4% on Monday.

Investors are also preparing for several important U.S. economic releases this week. The ISM Manufacturing report is due Monday, while Friday’s October nonfarm payrolls report is expected to be the week’s main economic event.

October’s consumer and producer price index reports are scheduled for the following week.

Strategy purchases 810 BTC as Strive adds 124 coins

Michael Saylor’s Strategy (MSTR) acquired another 810 Bitcoin last week, bringing its total holdings to 849,327 BTC. The company’s reserves represent approximately 4.04% of Bitcoin’s total supply and were valued at around $66 billion.

Strategy also repurchased an additional $208 million of its high-yield preferred shares, STRC, which continued trading below their $100 par value.

Meanwhile, Strive (ASST), led by Matt Cole, added 124 BTC for approximately $10 million, paying an average of $80,526 per coin. The company used existing cash reserves to finance the purchase.

Strive also tapped its SATS at-the-market offering for the first time, issuing 3,418 shares in a relatively small transaction that could have generated approximately $300,000.

The latest acquisition increased Strive’s Bitcoin holdings to 43,124 BTC. Both MSTR and ASST moved modestly higher in premarket trading after suffering substantial declines during last week’s market sell-off.

Marvell agrees to $115B acquisition of Lumentum

Marvell Technology (MRVL) has reached an agreement to acquire Lumentum (LITE), a manufacturer of lasers and optical components used in AI data centers, through an all-stock transaction valued at $115 billion.

Marvell expects the deal to increase the combined company’s total addressable market to approximately $550 billion. It also anticipates generating more than $1 billion in annual cost synergies.

Neither company’s shares showed significant movement in premarket trading, as reports of the proposed acquisition had already circulated and influenced prices late last week.

Metaplanet buys back $160M in shares

Japanese Bitcoin treasury company Metaplanet disclosed that it repurchased approximately 96.5 million shares during the second half of October.

The buyback cost ¥25.3 billion, equivalent to roughly $160 million, and represented approximately 7.1% of the company’s outstanding share float, according to CEO Simon Gerovich.

Ether ETFs record their largest monthly outflows

U.S.-listed spot Ether ETFs experienced $1.61 billion in net withdrawals during October, marking their largest monthly outflow since the products began trading in mid-2024, according to SoSoValue.

BlackRock’s ETHA accounted for approximately $1.42 billion of the withdrawals, also setting a record for the fund.

Spot Bitcoin ETFs, meanwhile, recorded $515 million in net outflows during October, ending a two-month period of consecutive monthly inflows.

Binance-linked hacker converts stolen Solana into Bitcoin

A cryptocurrency wallet associated with the Binance attacker began exchanging stolen Solana (SOL) for Bitcoin through RelayProtocol on Sunday, according to blockchain data monitored by an AI agent known as Hupzy.

The wallet, identified as AffzF and reportedly flagged by the U.S. Secret Service and blockchain analytics companies, held approximately 970,000 SOL following Thursday’s exploit. Around half of those tokens were subsequently transferred to another unidentified address, which began converting them into Bitcoin.

Hupzy described the transactions as part of the laundering process connected to the $6.3 billion Binance breach. It warned that the conversions could create immediate selling pressure on SOL and potentially add to Bitcoin supply overhang if the converted assets eventually reach exchanges.

Solana declined 1.6% over 24 hours, while Bitcoin remained relatively stable, according to CoinDesk market data.

HSBC stablecoin attracts 50,000 users in just over a week

HSBC’s Hong Kong dollar-backed stablecoin, RedCoin, attracted approximately 50,000 users within slightly more than a week of its launch, CEO Georges Elhedery said on Monday during Hong Kong FinTech Week, according to the South China Morning Post.

The bank is targeting millions of users through the initiative. RedCoin was initially introduced through HSBC’s PayMe application, which already has more than 3.3 million users.

HSBC Hong Kong CEO Maggie Ng said merchant payments and wallet top-ups are currently available. The bank also plans to integrate the stablecoin into its Hong Kong mobile banking application and eventually allow customers to use it when subscribing to tokenized financial products, including money-market funds.

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