Bitcoin Rises Slightly as Binance Withdrawal Wave Reaches $6B

Binance records $6.1B in outflows following withdrawal restart

Binance experienced more than $6 billion in outflows from exchange-linked cryptocurrency wallets within 24 hours of reopening withdrawals, as users moved funds following the October 29 security breach.

The withdrawals represented approximately 3.6% of the exchange’s $171 billion in assets recorded before the attack. DefiLlama’s wallet data showed that around $129 billion remained in Binance-associated addresses, although its figures can include internal transfers and should not be treated as an exact measure of customer withdrawals or official reserves.

The exchange had halted withdrawal services for roughly 45 hours after the incident, which resulted in an estimated $6.3 billion loss.

Withdrawals started reopening at 06:00 UTC on November 1. By 12:36 UTC, Binance had restored access across all 15 supported assets and networks, including BTC, ETH, SOL, XRP and major stablecoins.

The first nine and a half hours saw $4.649 billion leave the exchange, compared with $1.01 billion in deposits. The difference translated into approximately $3.64 billion in net outflows.

Binance said withdrawal activity initially surged when services became available again before slowing down. At the same time, the exchange continued receiving substantial deposits.

Rival platforms also reported positive net flows. OKX recorded approximately $450 million in net inflows, while Bybit attracted around $134 million. However, public blockchain data does not establish whether these funds were transferred directly from Binance accounts.

Binance said it had restored roughly 95% of the assets affected by the exploit. The remaining portion consisted mainly of illiquid tokens that were more difficult to replace.

Bitmine adds 8,573 ETH as holdings approach 5% of supply

Bitmine expanded its Ethereum treasury by 8,573 ETH last week, spending an estimated $19.4 million based on a reference price of $2,261 per token.

The purchase lifted its total holdings to 6,060,506 ETH, with an estimated market value of $13.7 billion. It was also the company’s smallest weekly acquisition since mid-August, pointing to a slower buying pace.

Bitmine now controls approximately 4.96% of Ethereum’s circulating supply. It needs roughly another 49,500 ETH to reach its 5% ownership objective.

Chairman Tom Lee has previously indicated that the company intends to stop accumulating ETH once it reaches that milestone.

Bitcoin climbs as oil slides on Iran negotiation report

Bitcoin moved higher on Monday after reports from Iran’s state news agency IRNA indicated that Supreme Leader Mojtaba Khamenei had given the government permission to pursue negotiations.

The report helped ease concerns in energy markets, sending West Texas Intermediate crude down 6.6% to $97.26 per barrel.

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

Morgan Stanley cuts Coinbase rating and price target

Coinbase shares faced additional pressure after Morgan Stanley downgraded the cryptocurrency exchange to underweight, reflecting concerns about the outlook for its earnings recovery.

Analyst Michael Cyprys lowered the firm’s price target to $120 from $258.

The downgrade followed a difficult week for Coinbase, whose shares dropped more than 10% on Friday after its third-quarter results disappointed investors. Broader market uncertainty added to the selling pressure.

At the time, COIN had lost approximately 40% of its value in 2026 and 57% over the previous year. Shares declined another 2.65% in premarket trading to $139.74.

Bitcoin rebounds modestly as investors await U.S. economic data

Bitcoin recovered about 1% to trade near $77,500, while Nasdaq 100 futures rose 0.6% as markets attempted to stabilize after last week’s losses.

Reports pointing to possible negotiations involving Iran also contributed to a roughly 4% decline in oil prices.

Attention is now shifting toward upcoming U.S. economic releases. The ISM Manufacturing report is scheduled for later Monday, followed by October employment figures on Friday. October’s consumer and producer price reports are due next week and could influence expectations for Federal Reserve policy.

Strategy and Strive expand their Bitcoin reserves

Strategy purchased 810 BTC last week, bringing its total holdings to 849,327 BTC, worth approximately $66 billion. The company’s stash represents around 4.04% of Bitcoin’s total supply.

The firm also bought back $208 million worth of STRC preferred shares, which were trading below their $100 par value.

Strive added 124 BTC at an average purchase price of $80,526, spending approximately $10 million. The acquisition increased its Bitcoin reserves to 43,124 BTC.

The company financed the purchase using existing cash and made its first use of the SATS at-the-market offering, selling 3,418 shares for roughly $300,000.

Shares of both Strategy and Strive edged higher before the market opened, recovering slightly after their recent declines.

Marvell to purchase Lumentum in $115B all-stock deal

Marvell Technology agreed to acquire optical technology supplier Lumentum in an all-stock transaction valued at $115 billion, expanding its exposure to the infrastructure supporting artificial intelligence data centers.

Lumentum produces laser technologies and optical components used in high-performance computing networks. Marvell expects the combined businesses to address a market estimated at $550 billion and deliver annual cost savings exceeding $1 billion.

Neither company’s shares moved significantly in premarket trading, following reports of the proposed deal late last week.

Metaplanet buys back 96.5 million shares

Metaplanet repurchased 96.5 million of its own shares during the second half of October, spending approximately ¥25.3 billion, or $160 million.

CEO Simon Gerovich said the transaction accounted for roughly 7.1% of the company’s outstanding share float.

The Japanese firm has been building its corporate Bitcoin treasury as part of its broader strategy.

Ether ETFs suffer record monthly outflows in October

U.S. spot Ether exchange-traded funds recorded $1.61 billion in net outflows during October, marking their largest monthly withdrawal since their launch in mid-2024.

BlackRock’s ETHA fund accounted for approximately $1.42 billion of the total, also recording its biggest monthly outflow.

Bitcoin ETFs experienced a weaker month as well. The products saw $515 million in net withdrawals in October, ending a two-month period of positive inflows.

Binance attacker converts stolen SOL into Bitcoin

The wallet linked to the Binance exploit began swapping stolen Solana tokens for Bitcoin through RelayProtocol, according to blockchain monitoring activity reported by the AI agent Hupzy.

The address, identified as AffzF and reportedly flagged by the U.S. Secret Service and blockchain analytics companies, held around 970,000 SOL following the attack. Approximately half of the tokens were subsequently moved to an unknown wallet before being converted into BTC.

Hupzy suggested the activity could be part of an effort to launder the stolen funds. The transactions could weigh on SOL through additional selling, while the newly acquired Bitcoin may create future supply pressure if transferred to cryptocurrency exchanges.

SOL declined 1.6% over the previous 24 hours, whereas BTC traded with little overall change.

HSBC stablecoin RedCoin attracts 50,000 users in its first week

HSBC’s Hong Kong dollar-backed stablecoin, RedCoin, has attracted around 50,000 users in slightly more than a week, according to CEO Georges Elhedery, who discussed the launch at Hong Kong FinTech Week.

The South China Morning Post reported that the bank is using its PayMe application to distribute the stablecoin. PayMe already has more than 3.3 million users.

HSBC Hong Kong CEO Maggie Ng said customers can use RedCoin for merchant payments and wallet top-ups. The bank also intends to introduce the token through its Hong Kong mobile banking application.

Future plans include allowing users to subscribe to tokenized investment products, such as money-market funds, through the stablecoin.