Why Bitcoin Buyers Absorbed Binance’s Historic Shock

Bitcoin remained above $77,000 as Binance gradually restored withdrawals after a record cryptocurrency theft. The market showed resilience despite heavy exchange outflows, large spot bitcoin ETF redemptions, and continuing uncertainty around the attack’s wider consequences.

Bitcoin Finds Support After the Weekend Sell-Off

Bitcoin was trading at $77,926 at 11:02 UTC, according to CoinGecko. That level was about 2% higher than the post-incident low calculated by Unchained. Ether was changing hands at $2,285.83, indicating that both leading digital assets had regained some stability.

The sharpest decline came on Friday, Oct. 30. Coinbase data showed the BTC-USD pair falling to $76,141 at 18:50 UTC. The subsequent move back towards the upper $77,000 range suggested that buyers were prepared to enter the market even while headlines about the Binance breach remained dominant.

Binance Customers Withdraw Billions

Binance began restoring withdrawal services in stages at 06:00 UTC on Sunday, Nov. 1. The reopening followed a temporary halt designed to give the exchange time to assess the security incident.

Customer activity was substantial, but the first several hours did not produce the disorderly rush that many traders had feared. Binance reported the following figures for the period ending at 15:30 UTC:

Measure	Reported amount	Market significance
Customer withdrawals	$4.649 billion	Large but processed in an orderly manner
Customer deposits	$1.01 billion	Showed that users continued moving funds onto the platform
Net outflow	About $3.64 billion	Represented roughly 2.1% of reported customer assets
Customer assets in the Oct. 28 reserve report	$171 billion	Provided the comparison used by Binance

The exchange said the initial withdrawal surge was easing and moving towards normal levels. That message was intended to reassure customers that Binance could manage the demand without additional disruption.

ETF Selling Did Not Push Bitcoin Lower

Bitcoin also absorbed pressure from U.S. spot ETFs. SoSoValue data showed combined net outflows of $643.3 million on Friday, the largest one-day withdrawal since June 25, according to CoinDesk.

• BlackRock’s IBIT: recorded approximately $233.7 million in redemptions.
• Fidelity’s FBTC: saw about $201.0 million leave the fund.
• Market response: Bitcoin avoided a fresh collapse towards its intraday low.

Friday was the first U.S. trading session after the hack emerged following Thursday’s market close. American investors therefore had their first opportunity to respond through regulated funds, yet the selling pressure did not break the weekend floor. That behaviour pointed to continuing demand beneath the immediate fear.

The Theft Is Tied to North Korean Hackers

Blockchain security companies TRM Labs and Chainalysis have linked the breach to TraderTraitor, a North Korean hacking group. Their estimates put the stolen amount above $6.3 billion, making the incident one of the most serious thefts in cryptocurrency history.

Reports indicated that roughly $6.36 billion was moved across ten blockchains, with most of the transfers completed within about 20 minutes. Binance said it would cover the losses through its SAFU emergency fund and corporate resources rather than passing the shortfall to customers. The company has also worked with partners to freeze affected assets, helping limit the damage.

Geopolitical Risks Add Another Source of Volatility

The Binance crisis is unfolding alongside an uncertain U.S. foreign-policy situation. With the midterm elections approaching on Tuesday, traders are also watching Washington’s next move regarding Iran.

Israeli Prime Minister Benjamin Netanyahu has reportedly pressed President Donald Trump to authorize immediate action after the vote. Trump has signalled greater patience, saying talks with Tehran were progressing well and that he was not in a rush. Secretary of State Marco Rubio likewise said no final decision had been made.

For digital-asset markets, the combination is unusually demanding: bitcoin is recovering from a record exchange compromise while investors monitor a potentially significant geopolitical development. Its ability to hold above $77,000 suggests that confidence has not disappeared, but volatility remains a central risk as the week develops.