Binance records $6.1B in withdrawals after reopening following hack
Binance saw more than $6 billion worth of cryptocurrency leave wallets associated with the exchange within 24 hours of restoring withdrawal services after last week’s major security breach. The movement offered an early look at how investors and large account holders responded once they regained access to their funds.
The outflows represented approximately 3.6% of the $171 billion in assets Binance disclosed before the attack. The figures are based on publicly tracked wallet activity from DefiLlama, which may include transfers between wallets controlled by the exchange rather than only customer withdrawals.
Despite the substantial capital movement, DefiLlama continued to track approximately $129 billion in cryptocurrency across Binance-linked wallets. Its figures do not necessarily match the exchange’s official reserve calculations because the two use different asset coverage and methodologies.
The withdrawals followed a suspension lasting roughly 45 hours after the October 29 exploit, during which hackers reportedly stole around $6.3 billion in digital assets.
Binance resumed withdrawals at 06:00 UTC on November 1. By 12:36 UTC, the exchange had restored access across all 15 networks and assets included in the initial reopening, covering Bitcoin, Ether, Solana, XRP and major stablecoins.
During the first nine and a half hours, Binance processed $4.649 billion in withdrawals and received $1.01 billion in deposits, resulting in net outflows of approximately $3.64 billion.
The exchange said withdrawal activity peaked shortly after services became available again before gradually slowing. Deposits, meanwhile, continued at a substantial level.
Other exchanges benefited from increased capital movements during the reopening period. OKX recorded around $450 million in net inflows, while Bybit attracted approximately $134 million. However, the available blockchain data does not establish whether those deposits were transferred directly from Binance accounts.
On November 1, Binance said it had replaced approximately 95% of the assets affected by the exploit. Most of the outstanding amount consisted of less liquid tokens that require additional time to acquire.
Bitmine purchases another 8,573 ETH
Bitmine (BMNR) continued increasing its Ethereum treasury last week, acquiring 8,573 ETH worth approximately $19.4 million as the company approaches its goal of holding 5% of the cryptocurrency’s circulating supply.
The transaction was calculated using Bitmine’s reference price of $2,261 per Ether. Following the purchase, the company’s total holdings increased to 6,060,506 ETH, with an estimated value of $13.7 billion.
However, the latest acquisition represented its smallest weekly purchase since mid-August, indicating that accumulation has slowed compared with previous weeks.
Bitmine currently controls approximately 4.96% of Ethereum’s circulating supply and remains about 49,500 ETH away from its 5% objective. Chairman Tom Lee said last month that the company intends to halt additional purchases after reaching that milestone.
Bitcoin rises as Iran news sends crude prices lower
Oil markets extended their losses on Monday after Iran’s state news agency, IRNA, reported that Supreme Leader Mojtaba Khamenei had given the government permission to pursue negotiations.
The potential significance of the development remained uncertain, but crude prices moved lower following the report. West Texas Intermediate fell 6.6% to $97.26 per barrel, extending its overall decline to nearly 7%.
Bitcoin advanced by roughly $600 to trade near $78,100. Nasdaq 100 futures gained 1%, while the 10-year U.S. Treasury yield slipped 1.4 basis points to 4.90%.
Morgan Stanley lowers Coinbase price target to $120
Morgan Stanley downgraded Coinbase (COIN) to underweight, pointing to reduced confidence in the cryptocurrency exchange’s expected earnings recovery.
Analyst Michael Cyprys also cut the firm’s price target to $120 from $258.
Coinbase shares had fallen more than 10% on Friday after the company released disappointing third-quarter results amid broader market turbulence. The stock was already down approximately 40% year to date and 57% over the previous 12 months.
The shares declined another 2.65% in premarket trading to $139.74.
Markets show tentative recovery before U.S. session
Bitcoin gained approximately 1% from Friday evening levels, trading near $77,500 ahead of the U.S. market opening. Nasdaq 100 futures also advanced 0.6%.
The modest rebound came after a sharp market downturn, with reports of possible diplomatic progress involving Iran helping reduce oil prices by around 4% on Monday.
Investors are preparing for several economic releases this week. The ISM Manufacturing report is due later Monday, while Friday’s October nonfarm payrolls report is expected to attract significant attention. October’s CPI and PPI reports are scheduled for the following week.
Strategy adds 810 BTC while Strive buys 124
Strategy (MSTR), led by Michael Saylor, purchased another 810 Bitcoin last week, bringing its total reserves to 849,327 BTC.
The holdings account for approximately 4.04% of Bitcoin’s total supply and were valued at around $66 billion. Strategy also repurchased $208 million worth of its STRC preferred shares, which continued trading below their $100 par value.
Strive (ASST), led by Matt Cole, acquired 124 BTC for approximately $10 million at an average price of $80,526 per coin.
The company financed the purchase with cash already available on its balance sheet. It also used its SATS at-the-market offering for the first time, issuing 3,418 shares in a transaction expected to raise approximately $300,000.
Strive’s total Bitcoin holdings increased to 43,124 BTC. Both companies’ shares moved slightly higher in premarket trading after experiencing significant losses during last week’s market sell-off.
Marvell strikes $115B deal to acquire Lumentum
Marvell Technology (MRVL) agreed to purchase Lumentum (LITE) in an all-stock transaction valued at $115 billion. Lumentum manufactures lasers and optical components used in artificial intelligence data centers.
Marvell expects the acquisition to expand the combined business’s total addressable market to $550 billion. The company also anticipates more than $1 billion in annual cost synergies.
Neither company’s shares showed substantial movement before the market opened, as news of the potential transaction had already emerged and influenced trading late last week.
Metaplanet repurchases $160M in shares
Japanese Bitcoin treasury company Metaplanet bought back approximately 96.5 million shares during the second half of October.
The repurchase cost ¥25.3 billion, or approximately $160 million. CEO Simon Gerovich said the transaction represented around 7.1% of the company’s outstanding share float.
Ether ETFs post record $1.61B monthly outflows
U.S.-listed spot Ether ETFs experienced $1.61 billion in net withdrawals during October, marking their largest monthly outflow since trading began in mid-2024, according to SoSoValue.
BlackRock’s ETHA recorded approximately $1.42 billion in redemptions, its largest monthly outflow to date.
Spot Bitcoin ETFs also ended October with negative flows, losing $515 million and bringing their two-month inflow streak to an end.
Binance-linked hacker converts stolen SOL into Bitcoin
A wallet associated with the Binance attacker began exchanging stolen Solana (SOL) tokens for Bitcoin through RelayProtocol on Sunday, according to blockchain activity monitored by an AI agent called Hupzy.
The address, identified as AffzF and reportedly flagged by the U.S. Secret Service and blockchain analytics companies, held approximately 970,000 SOL following Thursday’s exploit. Around half of those tokens were subsequently transferred to an unidentified wallet, which then began converting them into Bitcoin.
Hupzy characterized the SOL-to-BTC transactions as a possible laundering stage connected to the $6.3 billion Binance breach. The activity could increase immediate selling pressure on Solana, while the resulting Bitcoin holdings may create additional market supply if transferred to exchanges.
Solana declined 1.6% over the previous 24 hours, while Bitcoin remained relatively unchanged, according to CoinDesk data.
HSBC stablecoin RedCoin attracts 50,000 users
HSBC’s Hong Kong dollar-backed stablecoin, RedCoin, reached approximately 50,000 users within slightly more than a week of launching, CEO Georges Elhedery said at Hong Kong FinTech Week on Monday, according to the South China Morning Post.
The bank aims to expand adoption to millions of users through its PayMe application, which already has more than 3.3 million users.
HSBC Hong Kong CEO Maggie Ng said customers can currently use RedCoin for merchant transactions and wallet top-ups. The bank also plans to introduce the token through its Hong Kong mobile banking application and allow users to subscribe to tokenized financial products, including money-market funds.
