Bitcoin Holds Above $77,000 as Binance Hack Recovery Plan Takes Shape
Key Takeaways
- •Bitcoin fell below $77,000 during Oct. 30 trading, reaching $76,944 per Binance data, before recovering toward $78,000 later in the session.
- •Investigators connected the $6.3 billion theft to Tradertraitor, a North Korean hacking group, and found ties to funds taken in September's Bitget breach.
- •Binance has reserved more than $6.34 billion in company funds, including $5 billion already held in the affected cryptocurrencies, and will restore withdrawals in phases after security checks.
- •Chainalysis identified new laundering patterns involving thousands of transactions, with attackers converting $325 million in stablecoins into approximately $285 million in ether to avoid issuer-controlled freezes.
- •U.S. spot Bitcoin ETFs recorded $643 million in net outflows on Oct. 30, with BlackRock's IBIT posting the largest daily outflow at $234 million.
Bitcoin traded slightly above $77,000 on Saturday as markets absorbed new details about the record $6.3 billion Binance hack. The price was down 1.71% at $77,175.4 as of 01:34 ET.
The breach hit digital asset markets late Thursday and triggered sharp declines in crypto-linked stocks. Bitcoin fell below $77,000 during trading on Oct. 30. Binance market data placed the price at $76,944 shortly after midnight UTC, before it recovered toward $78,000 later in the session.
Analyst Michaël van de Poppe said Bitcoin had broken down and fallen to $76,000. He said he was positively surprised by the asset’s resilience given the size of the hack.
#Bitcoin broke down, instead of up and it crashed to $76,000. In all fairness, with this drop to $76,000 while the largest #Crypto hack ever, I'm positively surprised with the resilience of the underlying asset. If we look at it from a technical standpoint, I mentioned that…
— Michaël van de Poppe (@CryptoMichNL) October 30, 2026
Van de Poppe said he had identified $78,400 as a key level, with no support between that price and $75,000. He described $78,000 as a bearish flip that could take time to develop.
He said he remains on the long side and that a decline to the $75,000-$76,000 range could create an opportunity to buy back toward the range highs. His reasoning was that the hack occurred at an exchange rather than involving Bitcoin itself.
Binance Outlines Recovery Plan
Attention has shifted from the theft itself to the movement of the stolen funds. Chainalysis identified new laundering patterns involving thousands of transactions, suggesting the use of automated systems.
Investigators linked the activity to Tradertraitor, a North Korean hacking group, and found connections to funds taken during September’s Bitget breach. The attackers also converted $325 million in stablecoins into approximately $285 million in ether, apparently seeking to avoid freezes controlled by token issuers.
Binance said it would restore withdrawals in phases after completing security checks. The exchange has reserved more than $6.34 billion in company funds, including $5 billion already held in the affected cryptocurrencies.
Binance said it is purchasing the remaining tokens through market trades and over-the-counter channels. Some purchases could take longer because of limited liquidity and settlement times. The timing of restored withdrawals and the continued tracking of the stolen funds are therefore the main operational developments to watch as the plan proceeds.
Bitcoin ETF Flows
Wu Blockchain reported that U.S. spot Bitcoin ETFs recorded $643 million in net outflows on Oct. 30, citing data from SoSoValue. BlackRock’s IBIT recorded the largest daily outflow among the spot Bitcoin ETFs, at $234 million.
Spot Bitcoin ETFs See $643M in Net Outflows, Ethereum ETFs Lose $156M
According to SoSoValue data, U.S. spot Bitcoin ETFs recorded total net outflows of $643 million on October 30 (ET). BlackRock's IBIT saw the largest daily net outflow among spot Bitcoin ETFs at $234 million.…
— Wu Blockchain (@WuBlockchain) October 31, 2026
Before that, the funds recorded $440.8 million in inflows over four sessions through Oct. 29, according to Farside Investors. IBIT accounted for $410.6 million of that total. Thursday’s inflows slowed to $17.2 million.
The four-session intake recovered about 57% of the $773.5 million withdrawn on Oct. 22 and 23. Lacie Zhang of Bitget Wallet said that holding the $76,000-$77,000 range and reclaiming $80,000 through steady spot demand would signal stabilization.
Bitcoin was trading at $77,175.4 on Saturday morning, down 1.71%.
