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Bitcoin Claws Back Toward $79,000 as Markets Digest Record Binance Hack

Published

2 days ago

on

Bitcoin extended its recovery for a third consecutive day on November 1–2, 2026, trading at $78,248.45 on CoinMarketCap and pushing toward the $79,000 level during Asian morning hours on Monday as markets digested the fallout from the largest cryptocurrency theft on record.

The move followed a sharp dip after Binance confirmed the estimated $6.3 billion hot-wallet breach late on October 29. Bitcoin had briefly tested lower levels before buyers stepped in. Broader risk assets also stabilized after Friday’s tech-driven sell-off, supporting the rebound across digital assets.

Ether advanced to $2,273.05, up 0.90% over 24 hours, while ZEC led major gains, trading in the $1,234–$1,280 range. BNB held around $712. Bitcoin dominance remained near 59–60%, showing that the recovery was concentrated in large-cap assets rather than a broad speculative rush.

Trading volume and open interest stabilized, with short liquidations modestly outpacing longs on major exchanges. Analysts noted that elevated interest rates and the upcoming U.S. midterm elections continue to influence sentiment. The Fear & Greed Index lingered in Fear territory, around 34–37.

Market participants are watching whether the recovery holds into the midterm results and any further operational updates from Binance. The exchange has said user funds are safe and that losses will be covered from its SAFU fund and reserves, while investigations into the incident continue.

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DeFi

Binance SAFU Fund Falls Below $800 Million Threshold After Record Hack Coverage

Published

19 hours ago

on

November 3, 2026

By

Binance has drawn down roughly half of its Secure Asset Fund for Users (SAFU), leaving the Bitcoin reserve near 7,500 BTC—approximately $580 million at prevailing prices—according to on-chain data tracked on November 3, 2026. The fund has dropped below the $800 million level that Binance’s own rules identify as the trigger for a top-up.

The drawdown followed the exchange’s response to the late-October security incident in which roughly $6.3 billion in assets were taken from hot wallets. Binance stated it covered the majority of the loss from a combination of SAFU, its Futures Insurance Fund, and corporate treasury, restoring approximately 90–95% of customer balances without external financing. Co-CEO Yi He previously indicated that half of the SAFU Bitcoin would be deployed and that the fund would later be replenished toward the $1 billion level.

No official timeline for the refill has been published. Customer withdrawals, which were phased back online after the incident, have shown large net outflows in the days following reopening, with multiple trackers reporting multi-billion-dollar net withdrawals in the first 24 hours. Binance has also increased rebates for smaller market makers to support liquidity.

The episode underscores both the scale of the exchange’s balance-sheet capacity and the transparency questions that arise when an emergency reserve is substantially reduced during a major incident. Market participants continue to monitor the on-chain SAFU wallet and any subsequent Proof-of-Reserves updates as Binance works through remaining less-liquid assets and the ongoing investigation into the TraderTraitor-attributed attack.

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DeFi

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