Bitcoin slides toward $75,000 after $6.3 billion Binance hack

what happened

According to TradingView, BTC/USD dropped in late October from the $80,000–85,000 area to the mid-$70,000s, with an intraday low near $76,300. The decline followed a $6.3 billion hack at Binance. The exchange paused deposits and withdrawals and said it would cover losses using its SAFU fund and reserves. Liquidations exceeded $1.6 billion, and the monthly decline was roughly 5–7%.

Binance froze about $3 billion in on-chain funds while probes into unusual transfers from exchange-labeled wallets continue. Meanwhile, U.S. spot Bitcoin ETFs hold more than $104 billion in net assets, and VanEck and Morgan Stanley keep adding exposure. Still, spot Bitcoin ETFs saw a $292 million net outflow over the 30 days to October 26, the first such monthly outflow since July.

why it matters

Analysts say Binance's troubles do not yet threaten Bitcoin's solvency, but heavy outflows or customer losses could trigger wider deleveraging. The 50-week moving average near $76,000 is currently acting as key technical support.

market impact

Bitcoin and crypto markets: pressure from the Binance hack and liquidations, risk of further sell-offs

• ▼Bitcoin pressure down — exchange outflows and liquidations following the Binance hack

tags

instruments