Bitcoin Slips to $77,900 as Binance Sees $3.6B in Net Withdrawals

Bitcoin slips to $77,900 as Binance withdrawals and ETF outflows pressure markets

Bitcoin declined 0.4% to approximately $77,900 since midnight UTC on Monday, as Binance customers withdrew billions of dollars following the exchange’s decision to restore withdrawal services. The market also faced pressure from $643 million in outflows from U.S. spot Bitcoin ETFs.

BTC briefly climbed to $78,700 during the Asian trading session before retreating. Ether gained 0.5% to $2,285.90, while the CoinDesk Memecoin Index dropped 1.9%.

Binance resumed withdrawals in phases on Sunday, recording $4.65 billion in withdrawals against $1.01 billion in deposits. The difference resulted in net outflows of $3.64 billion, according to the exchange.

The company said it had replenished approximately 95% of the $6.3 billion stolen in the security breach. The FBI officially attributed the attack to North Korea’s TraderTraitor hacking group.

Meanwhile, U.S. spot Bitcoin exchange-traded funds recorded $643 million in net withdrawals on Friday, their largest single-day outflow since June, according to Farside Investors. The redemptions erased the previous four consecutive days of positive inflows.

Traditional markets showed some signs of recovery. Nasdaq-100 futures advanced 0.8% after losing 2% over the previous week. Brent crude prices fell 4% to approximately $109 per barrel after U.S. Secretary of State Marco Rubio said President Donald Trump wanted to pursue a peaceful resolution to the conflict with Iran.

Investors are now preparing for Apple’s earnings announcement after the market closes, Tuesday’s U.S. midterm elections and Friday’s October employment report.

Derivatives positioning

Futures activity rises as open interest remains stable

Trading activity in cryptocurrency futures increased sharply, but the rise in volume did not translate into a meaningful increase in open interest.

Crypto futures volume climbed 56% over 24 hours to $111.8 billion, while aggregate open interest remained largely unchanged at approximately $137.1 billion. The divergence suggests traders were actively opening and closing positions rather than building significant new exposure.

Liquidations, which occur when exchanges forcibly close leveraged positions, increased 77% to $140.2 million. Market orders were almost evenly distributed between buyers and sellers, although selling activity held a slight advantage.

BNB positions decline alongside price

Open interest in Binance’s BNB futures contracts dropped 5.31%, compared with a 1.12% decline in the token’s price.

The larger reduction in open interest suggests traders were closing positions and withdrawing exposure as Binance gradually restored its withdrawal services.

Funding rates remained positive, indicating that traders holding long positions were paying those on the short side.

NEAR records the steepest decline

NEAR was the weakest-performing token among the assets tracked, falling 5.93%. Its futures open interest declined 4.84%, a move relatively close to the price drop.

This suggests the decline was driven more by falling prices than by a major reduction in outstanding futures positions.

Liquidations reached $3.23 million, a substantial amount relative to NEAR’s market size. Funding rates remained positive, meaning long traders continued paying short sellers.

The token’s cumulative volume delta (CVD), which measures the net difference between aggressive market buying and selling, was also the weakest among major cryptocurrencies.

Bitcoin and Ether see limited changes in open interest

Futures trading volume increased 37% for Bitcoin and 83% for Ether over the previous 24 hours, but open interest remained almost unchanged for both assets.

Bitcoin’s open interest was flat alongside little movement in its price in the derivatives snapshot. Ether’s open interest also showed minimal change despite a 0.74% price increase.

The figures indicate that the rise in trading activity was not accompanied by substantial new capital entering futures positions. Funding rates remained positive for both cryptocurrencies, showing that long traders were paying shorts.

Bitcoin put options dominate trading

Bitcoin options activity on Deribit showed stronger demand for downside protection, with puts accounting for all three of the exchange’s most actively traded BTC contracts over the previous 24 hours.

The most active contract was a $58,000 put expiring on November 27, significantly below Bitcoin’s spot price of approximately $78,000.

The 25-delta skew, a measure comparing the relative cost of put options against calls, surged following the Binance security breach before easing. Despite the decline from its peak, put options continued trading at a premium to calls, indicating that demand for downside protection remained elevated.

Ether options show mixed positioning

Ether options trading was more balanced, with three calls and three puts among the most actively traded contracts.

The $2,650 call expiring November 6 recorded the highest activity. Options skew patterns for Ether broadly followed the trend seen in Bitcoin markets.

Token market developments

THORChain leads losses amid calls to block hacker-linked addresses

THORChain’s RUNE token was the worst performer in the CoinDesk 100, falling 6.4% as U.S. authorities urged network operators to restrict transactions involving addresses associated with the Binance hackers.

The FBI, Secret Service and IRS Criminal Investigation called on node operators to block the identified addresses. However, THORChain co-founder JP Thor argued against freezing funds.

RUNE extended its losses to approximately 17% over the previous 24 hours.

Monero and Zcash lead the limited market gains

Only a small group of cryptocurrencies managed to post gains on Monday. Monero (XMR) led the advances with a 1.7% increase, followed by Zcash (ZEC), which rose 1.4%.

Tron (TRX) also gained 1% to $0.3175, despite on-chain analyst SomaXBT tracing approximately $242 million in stolen Binance funds through its network.

AI-related cryptocurrencies remain under pressure

Tokens associated with artificial intelligence continued to decline even as Nasdaq-100 futures recovered.

Grass (GRASS) dropped 4.5%, NEAR lost 4.0% to $4.0873, and Kite (KITE) declined 3.3% to $0.1182.

The weakness highlighted the continued pressure across several speculative cryptocurrency sectors.

Official Trump token falls ahead of U.S. elections

Official Trump (TRUMP), the memecoin associated with President Donald Trump, declined 4.2% ahead of Tuesday’s U.S. midterm elections.

The project has scheduled a dinner for its largest token holders on November 22.

Altcoin season indicator retreats after Binance hack

CoinMarketCap’s Altcoin Season Index stood at 46 out of 100, down from 60 last week before the Binance security breach.

The decline reflects weaker relative performance across altcoins compared with Bitcoin following the latest market disruption.

About The Author