Bitcoin Dips Below $78K Following $3.6B in Binance Customer Withdrawals

Bitcoin remains below $78,000 as Binance records $3.64B in net outflows

Bitcoin traded near $77,900 on Monday after surrendering gains from an earlier move toward $78,700 during Asian trading. The cryptocurrency was down 0.4% since midnight UTC as the market continued to digest the aftermath of Binance’s $6.3 billion hack and a wave of customer withdrawals.

Ether rose 0.5% to $2,285.90, while the CoinDesk Memecoin Index slipped 1.9%.

Binance processed $4.65 billion in withdrawals after reopening its services in phases on Sunday. Deposits reached $1.01 billion during the same period, leaving the exchange with a net withdrawal balance of $3.64 billion.

The exchange said it had replaced approximately 95% of the $6.3 billion stolen in the attack. The FBI identified North Korea’s TraderTraitor group as responsible for the breach.

Bitcoin investment products also faced heavy selling. U.S. spot BTC ETFs registered $643 million in net outflows on Friday, their largest daily withdrawal since June, according to Farside Investors. The redemptions erased four days of previous inflows.

In traditional markets, Nasdaq-100 futures gained 0.8% after the index fell 2% over the previous week. Brent crude dropped 4% to around $109 per barrel after U.S. Secretary of State Marco Rubio said President Donald Trump was seeking a peaceful solution to the Iran conflict.

Investors are preparing for Apple’s earnings release, the U.S. midterm elections on Tuesday and the October jobs report scheduled for Friday.

Crypto futures and liquidations

Trading across cryptocurrency futures markets accelerated, with aggregate volume increasing 56% to $111.8 billion over 24 hours. Total open interest, however, remained near $137.1 billion, indicating that the surge in turnover did not produce a comparable increase in outstanding contracts.

Liquidations climbed 77% to $140.2 million. Market-order activity was relatively balanced, although selling held a slight edge.

BNB futures open interest contracted 5.31%, while the token’s price declined 1.12%. The larger fall in open interest points to traders closing positions as Binance dealt with the hack’s aftermath. Funding rates remained positive, meaning long traders continued to pay short sellers.

NEAR fell 5.93%, accompanied by a 4.84% decline in open interest. Its futures market recorded $3.23 million in liquidations, while funding remained positive. NEAR also posted the weakest cumulative volume delta among major cryptocurrencies, reflecting stronger aggressive selling.

Bitcoin and Ether futures saw increased turnover without significant changes in open interest. BTC futures volume rose 37%, and ETH volume jumped 83%. Open interest for both assets remained broadly stable. Bitcoin’s price was little changed, while Ether gained 0.74%. Funding rates stayed positive across both markets.

Options markets signal continued caution

Bitcoin puts dominated Deribit’s most actively traded options, accounting for all three leading contracts. The busiest was a $58,000 put expiring on November 27, compared with BTC’s spot price near $78,000.

The 25-delta skew rose sharply following the Binance breach before cooling. Puts nevertheless remained more expensive than calls, suggesting that traders continued to pay for protection against a potential decline.

Ether options activity was more evenly split, with three calls and three puts among the most traded contracts. The November 6 $2,650 call led the group. ETH’s options skew remained broadly similar to Bitcoin’s.

Altcoin market remains under pressure

THORChain’s RUNE fell 6.4%, making it the weakest token in the CoinDesk 100. Its losses reached approximately 17% over 24 hours after the FBI, Secret Service and IRS Criminal Investigation urged node operators to block addresses associated with the Binance attackers.

THORChain co-founder JP Thor argued against freezing the funds, adding to the debate over how the network should respond to the authorities’ warning.

Among the few gainers, Monero advanced 1.7%, Zcash added 1.4%, and Tron rose 1% to $0.3175. Tron’s advance came despite on-chain analyst SomaXBT tracing approximately $242 million in stolen Binance funds through the network.

AI-related tokens also struggled. Grass declined 4.5%, NEAR lost 4% to $4.0873, and Kite dropped 3.3% to $0.1182.

Official Trump (TRUMP) fell 4.2% ahead of the November 3 U.S. midterm elections. The project is scheduled to hold a dinner for its largest token holders on November 22.

CoinMarketCap’s Altcoin Season Index fell to 46 out of 100, down from 60 before the Binance hack last week, reflecting weaker altcoin performance relative to Bitcoin.