CoinDesk
Binance reopened withdrawals on Sunday, three days after a $6.3 billion hack. Customers pulled a net $3.64 billion on the first day, the exchange said, and Binance says it has replaced about 95% of the stolen funds from its own reserves. Bitcoin traded near $78,000 on Monday.
Why it matters
The scale of the first-day outflows puts confidence in Binance and the smooth functioning of withdrawals at the center of the market story. Alex Ryzhkin, chief commercial officer at B2BINPAY, said exchange hacks weigh on markets, but sell-offs have tended to be moderate as institutional participation absorbs the shock.
The week also brings events that could shape the regulatory and macro backdrop for digital assets. U.S. midterm elections may affect the prospects for pending crypto legislation and industry oversight. Comments on a FinCEN proposal involving the Russia-linked A7 Network's sub-agents are due Nov. 4, while Kenya's one-year grace period for some crypto firms ends the same day.
Market impact
Ryzhkin said BTC could stabilize between $76,000 and $80,000 next week if withdrawals continue smoothly, with a possible move toward $82,000 by the weekend. Those levels are his outlook, not a confirmed market outcome. Friday's U.S. jobs report and expected rate increases from the Reserve Bank of Australia and Bank of England add further macro events for investors to watch.
Crypto governance and supply events round out the calendar. Votes include Optimism's proposal to change Security Council elections and Arbitrum's proposal to resume Stylus activations subject to limited security audits. Ethena is scheduled to unlock 0.88% of circulating ENA, worth $17.86 million, on Nov. 5; Hyperliquid is scheduled to unlock 0.08% of circulating HYPE, worth $16.77 million, on Nov. 6.
Frequently asked questions
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How much did Binance customers withdraw after the exchange reopened?
Customers pulled a net $3.64 billion on the first day of reopened withdrawals, according to Binance.
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How much of the stolen funds does Binance say it replaced?
Binance said it replaced about 95% of the stolen funds using its own reserves.
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What Bitcoin levels did Alex Ryzhkin outline?
Ryzhkin said BTC could stabilize between $76,000 and $80,000 next week if withdrawals continue smoothly, with a possible move toward $82,000 by the weekend.
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Which U.S. events could affect crypto policy and markets this week?
The U.S. midterm elections could shape the prospects for crypto legislation and industry oversight. The U.S. jobs report is due Friday.
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What are the scheduled ENA and HYPE unlocks?
Ethena is scheduled to unlock 0.88% of circulating ENA, worth $17.86 million, on Nov. 5. Hyperliquid is scheduled to unlock 0.08% of circulating HYPE, worth $16.77 million, on Nov. 6.
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