Bitcoin Holds Near $78,000 as Binance Withdrawals Resume After Hack

Bitcoin traded near $78,000 on November 2, holding above Friday's lows as Binance customers regained access to withdrawals. At the time of writing, the price stood at approximately $78,021, down 0.43% for the session.

The modest recovery follows a difficult close to October. On October 30, U.S. spot Bitcoin ETFs recorded $643.33 million in net outflows, while Binance's reopening saw customers pull billions of dollars from the exchange.

Customers Move Funds as Binance Reopens

Binance began restoring withdrawals in stages on November 1, following the attack that took place on October 29. The exchange restarted with a limited number of networks and assets, then switched on additional services after further security checks. That phased approach meant service coverage varied by network until checks were complete, so the reopening unfolded across more than one day rather than as a single switch back on.

Outflows quickly outweighed deposits. Between 06:00 and 15:30 UTC on November 1, withdrawals totaled $4.649 billion against $1.01 billion in deposits, producing an approximate net exodus of $3.64 billion.

Reuters reported on November 2 that a Binance spokesperson had confirmed net customer withdrawals of $4.72 billion since the exchange reopened. Binance has said it will cover the loss. For readers following the incident, the items to track from here are the exchange's officially confirmed withdrawal total and any further networks or assets Binance switches on as its security checks conclude.

Bitcoin ETFs End October With Outflows

SoSoValue's October 30 data showed $643.33 million leaving U.S. spot Bitcoin ETFs on a net basis, with combined fund assets standing at $98.14 billion.

BlackRock's IBIT recorded the largest withdrawal at $233.70 million. Fidelity's FBTC followed with $201.04 million, while ARK & 21Shares' ARKB lost $129.55 million.

These withdrawals offer a separate measure of reduced exposure through Bitcoin investment products, though the data provides no breakdown of investors' reasons for redeeming their holdings. Because such flow figures are published daily, they give readers a recurring data point that can be set alongside the exchange outflow numbers as November trading progresses. The next U.S. trading sessions will show whether the withdrawal pattern continues into November.

The Rebound Still Faces $80,000

$BTC bounced back from around $76,500 on Friday, but the move looked limited on the chart. On November 2, the asset traded between roughly $77,603 and $78,878 before settling near $78,021 at the time of writing.

A move above $78,900 would take the price above the day's high and bring the $80,000–$80,300 region into view, an area near Bitcoin's shorter-term average prices. Below the market, $77,600 marks the day's low, followed by the recent $76,500 zone. These levels act as fixed reference points describing where the price sits relative to recent trading, rather than as signals about where it is headed.

Bitcoin held near $78,000 as Binance restored withdrawal services and customers moved out billions of dollars, while U.S. spot Bitcoin ETFs logged $643.33 million in net outflows on October 30 and the $BTC rebound remained below $80,000. Source: AMBCrypto