With U.S. midterm Election Day approaching, market sentiment is cautious: BTC briefly fell below $77,000, nearing support at $76,700; ETH dropped below $2,250 and SOL below $95. More than $100 million in positions were liquidated within an hour. Market liquidity is still absorbing the fallout from Binance’s massive theft, while ETFs saw heavy net outflows. Institutional buying and security incidents are unfolding side by side.
【Markets and Sentiment】
BTC traded in a range of approximately $76,700–$78,500, with volatility picking up ahead of the U.S. midterm elections. Some analysts noted that sharp short-term declines followed the 2018 and 2022 midterm elections, but prices rose substantially over the subsequent year. ETH was around $2,250–$2,300, and SOL around $94–$96. The Fear and Greed Index remains in the fear zone, funds are leaning more toward BTC, and altcoins are relatively weak.
【ETF Flows】
U.S. spot crypto ETFs saw overall net outflows last week: BTC about $203 million, ETH about $432 million, and SOL about $71.47 million; XRP ETFs bucked the trend with net inflows of about $4.32 million. On Friday, October 31, BTC ETFs saw outflows of about $643 million in a single day—their largest daily outflow since June—coinciding with the first full trading day after the Binance hack.
【Aftermath of the Binance Hack】
The fallout from the theft of about $6.3 billion from Binance hot wallets continues, with the FBI and others pointing to North Korea-linked hacking groups. About 9.5 hours after withdrawals resumed, net outflows reached about $3.64 billion; the platform said it had covered most of the losses. The potential selling pressure from the large amount of ETH held by the hackers remains a market concern.
【Corporate Crypto Holdings】
Strategy (formerly MicroStrategy) bought another roughly 811 BTC last week, bringing its total holdings to about 849,300 BTC; Strive also added around 124 BTC. Coinbase's BTC treasury grew to exactly 18,000 BTC, coinciding with the Bitcoin white paper's approximately 18th anniversary. BitMine (BMNR, led by Tom Lee) bought another roughly 8,573 ETH, bringing its holdings to about 6.06 million ETH, or roughly 4.9% of Ethereum's supply—close to its publicly stated 5% target. About 86% is staked.
【Whales and Stablecoins】
On-chain data shows a whale bought about 27,500 ETH (roughly $63 million) over around five hours during an ETH pullback. Tether burned about 2 billion USDT on Ethereum as part of routine supply management following redemptions; the actual net reduction for public users is smaller.
【Security Incidents】
Brazil's largest exchange, Mercado Bitcoin, suspended deposits and withdrawals on November 2 following a security incident, saying it had contained the issue and that no customer funds or data were lost. On-chain monitoring showed more than $40 million in suspicious related transfers, with some USDT frozen. Separately, an investigation reported that an EU-based entity's account lost over $100 million. THORChain paused cross-chain swaps after an erroneous payment caused by an Ethereum reorganization, putting pressure on RUNE.
【Trending Tokens】
HYPE surged and then pulled back following news of a perpetual futures partnership related to ICE/NYSE, but remains volatile at elevated levels. NEAR has retreated from its highs, falling below the area around $4. Some traders are looking forward to “Moonvember,” but signals for an altcoin season remain mixed.
Today's focus: how the U.S. midterm election results could affect regulatory expectations, and whether BTC can hold support around $76,000. The above is compiled from public information for reference only and does not constitute investment advice.