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Binance Hack Shakes Bitcoin and Ethereum as ETF Money Heads for Exit
A record USD 6.3 billion exchange theft and nearly USD 799 million in fund withdrawals have left crypto prices stuck below key levels.
Bitcoin and Ethereum are still licking their wounds. After a reported USD 6.3 billion theft from Binance and almost USD 799 million pulled out of U.S. crypto ETFs, Bitcoin traded near USD 77,247 on October 31, while Ethereum sat around USD 2,243.
The total crypto market stood at about USD 2.59 trillion, down 0.59% over 24 hours. Falling tech stocks added to the gloom.
The hack is the headline. According to the source report, attackers got into Binance wallets on October 29 and moved out an estimated USD 6.3 billion in digital assets. Binance paused withdrawals while security teams investigated. For scale, Bybit lost roughly USD 1.5 billion in February 2025, and the Ronin Network lost USD 624 million in 2022.
There is some relief. Binance says nearly USD 3 billion of the stolen assets were frozen, and it set aside USD 6.34 billion to cover losses. It has not confirmed that it recovered all the frozen funds. Withdrawals are planned to restart on November 1, subject to security checks.
Fund investors are not waiting around. U.S. spot Bitcoin ETFs lost USD 643.2 million on October 30, per Farside Investors, ending four straight days of inflows. BlackRock's IBIT shed USD 233.7 million, Fidelity's FBTC USD 201 million and ARKB USD 129.5 million. Spot Ethereum ETFs lost USD 155.7 million, bringing five sessions of outflows to about USD 431.4 million.
What are traders watching? For Bitcoin, USD 78,000 is the first hurdle, with USD 80,000 next if it holds. Falling under USD 76,300 would bring USD 75,900 into focus. Momentum looks weak, as the MACD reading sits below its signal line.
Ethereum needs to climb above USD 2,300 and then USD 2,400 to show real recovery. Support sits at USD 2,208 and USD 2,156, and its four-hour RSI is near 37. In short: if you hold crypto, the next few days hinge on Binance's restart and whether ETF money stops leaving.
Source: Analytics Insight.
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