After Binance began restoring withdrawals in phases on Sunday, withdrawals totaled about $4.65 billion in the first 9.5 hours, while deposits totaled about $1.01 billion, resulting in net outflows of about $3.64 billion—roughly 2.1% of its $171 billion in assets under management. BTC is currently around $78,194, having rebounded from a post-incident low of about $76,300. Monday’s proof of reserves and flows into U.S. spot ETFs will determine whether selling pressure eases or intensifies again.
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🔥 The 3 most important things today
1) Update: Binance opens withdrawals; net outflows total about $3.64 billion in the first 9.5 hours
After about $6.3 billion was stolen on Thursday, Binance began restoring network withdrawals in phases on November 1, starting with BTC, ETH, BNB, SOL, and others. According to official figures, from 1:00 to 10:30 a.m. ET, withdrawals totaled about $4.65 billion and deposits about $1.01 billion, for net outflows of about $3.64 billion—roughly 2.1% of assets under management. Binance said withdrawal volumes spiked initially before easing. Recovery rose from about 90% to about 95%, and the updated proof of reserves is still expected on Monday.
BNB is currently around 711 (up about 0.8%), while BTC is around 78,194. Net outflows account for about 2.1%—there is selling pressure, but it has not reached run-on-the-bank levels. If proof of reserves holds up on Monday and withdrawal volumes continue to decline, volatility in BNB and BTC may narrow; if net outflows increase again or the basis for reserve reporting becomes less clear, volatility may rise further.
2) Update: North Korea-linked addresses laundered about $242 million through Tron in roughly two days
On-chain analysts say about $242 million in stolen funds was laundered through Tron in roughly two days. Of the original $628 million, about $378.7 million USDT was frozen by Tether, leaving about $249 million available to move. About $194 million left via cross-chain routes, including roughly $48 million through Relay and $44 million through THORChain. The FBI blamed the attack on North Korea's TraderTraitor group and urged cross-chain services to block the addresses.
The direct impact on the current prices of BTC and ETH is limited, but the incident further weighs on efforts to restore trust in exchanges. If major cross-chain routes expand their blocking measures, the event's tail risk may decrease.
3) S&P revises Meta's outlook to negative
On Friday, S&P revised Meta's outlook from stable to negative while maintaining its AA- rating, citing high capital spending and negative free operating cash flow. Meta reported free cash flow of about -$2.12 billion for the third quarter, on a company-defined basis, and guided for full-year capital expenditures of about $135–145 billion. It also plans to raise up to about $95 billion in equity.
The negative outlook for an AI leader's credit could further weigh on tech stock buying when U.S. markets open on Monday. BTC and ETH tend to move in line with U.S. risk assets in the short term, so if tech stocks weaken, it will be harder for crypto to rally on its own.
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⚡ Breaking News
▸ AI: DeepSeek unveiled a Super-agent architecture prototype and open-sourced its research code.
▸ AI: Google DeepMind released ForTy, a global forest-type map with 10-meter resolution and six categories.
▸ Crypto: Trezor warned that Safe 5 devices from the CryptoBilis channel may have been tampered with at the hardware level.
▸ Crypto: The CFTC chair said the Binance incident shows the need for federal oversight options for offshore exchanges.
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👀 Key things to watch today
1) Whether Binance publishes its full proof of reserves on schedule Monday, and whether 1:1 backing for the ten major coins can be verified: if confidence holds, selling pressure may ease; delays or less clarity on the reporting basis could amplify volatility again.
2) U.S. spot BTC ETF flows on Monday and the opening performance of AI-related U.S. stocks: if ETFs continue to see large net outflows and tech stocks weaken, BTC may have less room to climb around the $78,000 level.
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📌 Binance withdrawals and proof of reserves are today's main catalysts; ETF flows and U.S. stocks will determine the slope of any rebound.
⚠️ Narrative summary; not investment advice