- U.S. spot Bitcoin ETFs recorded $643.3 million in net outflows on Friday, the largest single-day total since June.
- Binance processed a net outflow of $3.64 billion in the first 9.5 hours after reopening withdrawals on Sunday.
- The FBI attributed the $6.3 billion theft to North Korea’s TraderTraitor group.
- Bitcoin recovered to around $78,600 early Monday amid stabilizing markets.
U.S. spot Bitcoin exchange-traded funds recorded their largest daily net outflows in four months on Friday, as the fallout from the record $6.3 billion hack of Binance continued to weigh on crypto markets, according to The Block citing SoSoValue data.
The funds shed $643.3 million on Friday, their biggest single-day outflow since June 25. Spot Ethereum ETFs saw $155.9 million in net outflows the same day, their largest since Oct. 7. The outflows followed Thursday’s breach, in which attackers drained roughly $6.3 billion from Binance hot wallets across multiple chains. The FBI attributed the theft to North Korea’s TraderTraitor group and urged the industry to block associated addresses.
Binance reopened withdrawals in phases on Sunday. In a post on X, the exchange said it processed $4.649 billion in withdrawals and $1.01 billion in deposits between 06:00 and 15:30 UTC on Nov. 1, for a net outflow of approximately $3.64 billion. That represented 2.1% of its $171 billion in assets under management based on Oct. 28 proof-of-reserves data, according to the official Binance statement. Withdrawal volumes declined after an initial spike, while deposits remained substantial. Former CEO Changpeng Zhao noted that most of the outflow occurred in the first hours and that “98% choose to stay,” in a follow-up post.
Markets showed signs of stabilization early Monday. Bitcoin rose about 1% to roughly $78,600 in Asian trading, its third consecutive day of gains after dipping near $77,600 late Sunday, CoinDesk reported. Ether and BNB each added nearly 2%. The recovery came as broader risk assets rebounded following Friday’s tech-stock sell-off.
Binance has stated it will cover all user losses from the incident using company reserves and has replaced the majority of stolen assets. The exchange continues testing remaining networks for full withdrawal restoration. While the immediate market reaction has been contained relative to the scale of the theft, analysts note that elevated interest rates and upcoming U.S. midterm elections could continue to influence crypto liquidity in the coming weeks.
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