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▼ 5.46%
Prices as of 2026-10-30 19:02 UTC. Source: CoinGecko.
Binance says more than $6.34B is set aside to cover losses, about $3B is frozen, and withdrawals are due to resume in 45 hours.
Bitcoin steadied near $76,400 after the binance hack that Chainalysis and TRM Labs estimate at roughly $6.4 billion. That level is around 6% below where it traded after Wednesday’s Federal Reserve decision, according to the report.
Binance said it has set aside more than $6.34 billion to cover losses and is buying missing tokens on the open market and over the counter, meaning in private deals off the exchange. Set against the estimated theft, $6.34 billion against $6.4 billion is about 99% coverage. The company added that about $3 billion is frozen and withdrawals are on track to resume in 45 hours, while deposits are operating normally.
U.S. spot Bitcoin ETFs now hold roughly 1.3 million BTC, about 6% of supply, the report says. Because ETF investors own fund shares rather than exchange-held coins, a large slice of Bitcoin exposure sits outside exchange custody, which could limit immediate forced activity on a single venue.
The backdrop is also larger. The report notes total crypto market value has grown from just over $400 billion in March 2018 to roughly $2.6 trillion now. $2.6 trillion against just over $400 billion is roughly six-and-a-half times, implying deeper capacity to absorb shocks than in early 2018.
In March 2018, a phishing-and-theft attempt at the same exchange saw attackers take over accounts, create API keys and pump Viacoin while 31 pre-positioned accounts sold it. Bitcoin fell from $10,740 to $9,690 within minutes and later slid to about $6,600 by April 5. This time, the report says Bitcoin is down about 4% a day after the confirmed breach. Those figures cover different windows — minutes in 2018 versus the day after the attack now — so they are not directly comparable.
More than $1.3 billion of leveraged positions were liquidated as prices moved, the report says. It adds the attacker still holds more than 420,000 ETH and 18,270 BTC, about $2.4 billion that no stablecoin issuer can freeze. That tally excludes other tokens, which would lift the total above $3 billion.
Market mood softened but did not collapse. CoinMarketCap’s Fear and Greed index fell to 36 from 43, moving into “fear” from “neutral” the prior day, and Bitcoin sits about 38% below its $126,080 record, the report says. Glassnode data show long-term holders are underwater on about 4 million coins bought between $85,000 and $118,000. HashKey’s Tim Sun said before the hack that the market’s problem “is not panic selling, but rather insufficient new buying interest.”
The theft began at 4:05 p.m. ET Thursday after U.S. markets closed, the report says. Thursday’s preliminary ETF inflows predate the attack, and Friday’s flow figures are the first direct read on whether those holders are selling.
Source: Decrypt.
This article was written with AI assistance and reviewed by an editor.
This content is for informational purposes only and does not constitute financial advice.
🧠 HafidWatch Take
The impact of ETF flows following the hack will be crucial in gauging institutional confidence. If Friday’s data reveals significant outflows, it could signal that large holders are reducing exposure, potentially intensifying market pressure beyond the current modest price drop. Conversely, stable or increased inflows would suggest resilience among institutional investors, reinforcing the view that the market can absorb shocks without severe disruption. This dynamic will help clarify whether the current market softness reflects transient fear or a deeper shift in sentiment.
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