Bitcoin bounces near $62K as CZ denies Binance selling

Bitcoin fell as low as $62,000 over the weekend before recovering to $64,910, but the asset remained down 14.2% on the week. The selloff triggered $2.02B in crypto liquidations, including $1.68B in longs, while Ether dropped 18.2% and Solana fell 19.7%. Binance co-founder Changpeng "CZ" Zhao denied rumors that the exchange was selling crypto following its October 29 hack. Zhao said he used recently received stablecoins to buy crypto and pointed to ETF outflows, rate-hike expectations, security concerns and investors freeing cash for Anthropic's planned IPO as possible contributors to the decline.

Why it matters

U.S. spot Bitcoin ETFs recorded $1.91B in net outflows over seven consecutive trading days through Friday. Spot Ether ETFs lost $398.9M last week, marking a seventh straight week of withdrawals and putting them one week from their eight-week record. These flows coincided with liquidation pressure across major cryptocurrencies, amplifying the market's sensitivity to institutional withdrawals and shifts in Federal Reserve rate expectations.

CZ's denial also matters because rumors of an exchange sale can weaken confidence during a leveraged selloff. His explanation established that Binance was buying, not selling, but investors will likely watch exchange flows and security developments after the reported hack for signs of additional pressure.

Market impact

Bitcoin's recovery from $62,000 reduced the immediate damage, but the 14.2% weekly decline and heavy long liquidations show that market structure remains fragile. Ether and Solana losses of 18.2% and 19.7% also indicate that the move extended beyond Bitcoin.

Renewed ETF outflows, further rate-hike repricing or growing concerns about Binance security could challenge the rebound. Conversely, stabilized fund flows and reduced liquidation pressure would provide the clearest signs that the selloff is losing force.