Bitcoin hovers around $77,900 as Binance records $3.64B in net withdrawals
Bitcoin remained under pressure on Monday, trading near $77,900 after retreating from an intraday high of $78,700 during Asian hours. The market continued to absorb the impact of Binance’s $6.3 billion security breach, while substantial withdrawals from U.S. spot Bitcoin ETFs added to bearish sentiment.
BTC was down 0.4% from midnight UTC. Ether gained 0.5% to $2,285.90, while the CoinDesk Memecoin Index fell 1.9%, reflecting broader weakness across speculative tokens.
Binance recorded $4.65 billion in withdrawals during the first day after gradually restoring withdrawal services on Sunday. Customers deposited approximately $1.01 billion over the same period, resulting in net outflows of $3.64 billion.
The exchange said it had recovered or replaced roughly 95% of the $6.3 billion stolen during the attack. The FBI attributed the incident to North Korea’s TraderTraitor hacking group.
Institutional flows also weighed on Bitcoin. U.S. spot BTC exchange-traded funds experienced $643 million in net redemptions on Friday, marking their largest single-day outflow since June. The withdrawals erased the inflows accumulated over the preceding four trading sessions, according to Farside Investors.
Meanwhile, Nasdaq-100 futures advanced 0.8% after the index lost 2% over the previous week. Brent crude fell 4% to around $109 per barrel following comments from Secretary of State Marco Rubio that President Donald Trump favored a peaceful resolution to the Iran conflict.
Investors are preparing for several potentially market-moving events, including Apple’s earnings announcement, Tuesday’s U.S. midterm elections and the October employment report scheduled for Friday.
Derivatives market activity
Crypto futures trading increased sharply over the past 24 hours, although the growth in volume was not accompanied by a meaningful rise in open interest.
Combined futures volume climbed 56% to $111.8 billion, while aggregate open interest stayed relatively stable near $137.1 billion. Liquidations increased 77% to $140.2 million as leveraged positions were closed across exchanges.
Market orders showed a nearly even balance between buyers and sellers, with a modest tilt toward selling.
BNB traders reduce futures positions
BNB futures open interest declined 5.31%, compared with a 1.12% drop in the token’s price.
The larger reduction in open interest suggests traders were closing positions rather than simply maintaining exposure through the price decline. Funding rates remained above zero, indicating that long traders continued paying short-position holders.
NEAR records the steepest loss
NEAR fell 5.93%, making it the weakest performer among the major assets covered in the derivatives data.
Its open interest contracted 4.84%, while liquidations totaled $3.23 million. Funding rates stayed positive, showing that long positions continued to pay shorts despite the decline.
NEAR also posted the weakest cumulative volume delta among major cryptocurrencies, pointing to relatively stronger aggressive selling through market orders.
Bitcoin and Ether futures activity increases
Bitcoin futures volume rose 37%, while Ether futures turnover jumped 83%. However, open interest for both cryptocurrencies remained broadly unchanged.
BTC open interest was flat as its price showed little movement. ETH open interest also held steady despite a 0.74% price increase.
The divergence between trading volume and open interest indicates that market activity increased without a substantial addition of new outstanding positions. Funding rates for both assets remained positive.
Options market positioning
Bitcoin puts remain in demand
Bitcoin options trading on Deribit showed a preference for downside protection. All three of the exchange’s most actively traded BTC options were put contracts.
The busiest contract was a $58,000 put expiring on November 27, compared with Bitcoin’s spot price of roughly $78,000.
Bitcoin’s 25-delta skew rose following the Binance incident before easing. Despite the pullback, puts remained more expensive than calls, suggesting traders were still assigning a premium to downside protection.
Ether options show a mixed outlook
Ether options activity was more evenly distributed, with three calls and three puts among the most actively traded contracts.
The November 6 $2,650 call recorded the highest activity. Ether’s options skew remained broadly similar to Bitcoin’s, indicating that traders were pricing comparable directional risks across the two markets.
Altcoin market developments
RUNE falls as U.S. agencies target hacker-linked wallets
THORChain’s RUNE token dropped 6.4%, making it the worst-performing asset in the CoinDesk 100. Its decline reached approximately 17% over 24 hours.
The selling followed a joint warning from the FBI, Secret Service and IRS Criminal Investigation urging THORChain node operators to block transactions involving addresses linked to the Binance hack.
THORChain co-founder JP Thor pushed back against the proposal to freeze the funds, adding to uncertainty surrounding the network’s response.
XMR, ZEC and TRX outperform the broader market
Monero gained 1.7%, while Zcash advanced 1.4%, placing both among the few cryptocurrencies to post gains.
Tron rose 1% to $0.3175 even as on-chain analyst SomaXBT traced approximately $242 million in stolen Binance assets through the network.
AI tokens remain weak
AI-related cryptocurrencies continued to underperform. Grass declined 4.5%, NEAR lost 4% to $4.0873, and Kite slipped 3.3% to $0.1182.
TRUMP token retreats ahead of U.S. elections
The Official Trump memecoin fell 4.2% ahead of the November 3 midterm elections. The project is also preparing to host a dinner for its largest token holders on November 22.
Altcoin Season Index reverses its gains
CoinMarketCap’s Altcoin Season Index fell to 46 out of 100, down from 60 before the Binance hack last week.
The lower reading indicates that altcoins have lost ground relative to Bitcoin as market sentiment weakened following the security breach.
