On Thursday evening, large-scale outflows from Binance-linked hot wallets were recorded, totaling about $5.57 billion on-chain. Tether and Circle froze a combined $1.8 billion to $2.3 billion in stablecoins; BTC fell about 4.9% over 24 hours to $77,033, while BNB dropped about 8.0%. The same day, ICE announced a partnership with TradeXYZ, with plans to bring Hyperliquid-based perpetual futures to the U.S.; HYPE rose about 13.8%. The security incident is hammering major coins, while the compliant derivatives narrative is lifting HYPE.
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🔥 Today’s 3 Most Important Stories
1) Binance suspected of being hacked, with about $5.57 billion transferred on-chain
Decrypt on-chain data shows about $5.57 billion leaving Binance-linked wallets: about $3.51 billion in Ethereum, $144 million in Bitcoin (about 18,270 BTC), and $630 million on Tron. The first Ethereum transaction transferred about 167,500 ETH and about 1.615 billion USDT, among other assets, to new addresses. TechCrunch reported that Binance paused withdrawals on multiple networks; Changpeng Zhao said it looked like a hack and expected users’ funds to be fully covered. Circle froze more than 800 million USDC, and Tether froze more than 1.567 billion USDT. The largest single theft before this was about $1.4 billion from Bybit in 2025.
BNB fell about 8.0% in 24 hours to around 694, while BTC dropped to 77,033, with a low of 76,760. Until withdrawals resume and the final amount is confirmed, BNB and major coins may remain weak; if losses are covered and withdrawals resume, selling pressure may ease.
2) ICE and TradeXYZ partner to bring Hyperliquid perpetuals to the U.S.
ICE and TradeXYZ reached a definitive agreement under which ICE will exclusively operate regulated perpetual markets and take a strategic stake. The markets will use Hyperliquid’s HIP-3 and cover crypto, stocks, indexes, commodities, and foreign exchange. The plan still requires regulatory approval, and no launch date has been announced. Druckenmiller publicly said he has invested in TradeXYZ. Regulators outlined a path for regulated perpetuals in May, and Payward announced a similar plan this week.
HYPE rose about 13.8% in 24 hours to 91.2, reaching an intraday high of about 97.7, near its September peak of around 98. The positive news mainly benefits HYPE, with limited impact on BTC’s price.
3) Update: BTC spot ETFs saw about $2.3 million in net outflows on Thursday
Decrypt shows that U.S. spot BTC ETFs saw combined net outflows of about $2.3 million on October 29, ending three consecutive days of combined net inflows totaling about $424 million. The October 28 final figure was about $137.3 million in net inflows, including about $136 million for IBIT.
Slowing inflows, combined with the Binance incident, mean BTC may struggle to find support from ETFs alone in the short term. Watch whether flows turn positive over the next two trading days.
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⚡ Quick updates
▸ AI: OpenAI updates Model Spec, reorganizing its alignment framework around five core values.
▸ AI: Mistral open-sources the weights for its trillion-parameter Large 4, focused on coding and cybersecurity.
▸ Crypto: Polymarket pauses trading after a third party is breached, saying it will fully reimburse users.
▸ Crypto: Walmart and others oppose OKX-ICE tokenized stocks; the opposition list grows to 38 companies.
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👀 Key things to watch today
1) Binance withdrawal resumption and the official loss amount: resumption and confirmation that losses are covered could ease selling pressure on BNB and BTC; continued suspensions and a higher loss estimate could amplify volatility.
2) Whether BTC can hold its 24-hour low of 76,760, and whether HYPE can stay above 90.
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📌 The Binance security incident is driving short-term sentiment, while HYPE is benefiting from the narrative around ICE bringing perpetuals to the U.S.
⚠️ Narrative summary; not investment advice
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