Binance faces $6.1B in withdrawals after restoring services
Binance experienced more than $6 billion in cryptocurrency outflows over a 24-hour period after reopening withdrawals following last week’s massive security breach. The movement provided an early indication of how customers and major holders reacted once they were able to access their assets again.
The withdrawals accounted for roughly 3.6% of the $171 billion in assets the exchange reported holding before the attack. The figures come from publicly visible transactions tracked by DefiLlama, although the data may include transfers between Binance-controlled wallets rather than exclusively customer withdrawals.
Despite the substantial movement, approximately $129 billion in crypto assets remained in Binance-linked wallets, according to DefiLlama. Its estimates are based on a different methodology and asset coverage than Binance’s official reserve disclosures.
The outflows came after Binance suspended withdrawals for approximately 45 hours following the October 29 exploit, in which attackers reportedly stole around $6.3 billion in cryptocurrency.
The exchange restarted withdrawal services at 06:00 UTC on November 1. By 12:36 UTC, all 15 networks and assets covered by the initial restoration had become available, including Bitcoin, Ether, Solana, XRP and major stablecoins.
Binance reported that it processed $4.649 billion in withdrawals during the first nine and a half hours after reopening, compared with $1.01 billion in deposits. This left the exchange with approximately $3.64 billion in net outflows.
According to the company, withdrawal requests were particularly heavy immediately after services resumed but gradually declined, while deposits remained relatively strong.
Competing exchanges also recorded notable inflows. OKX received approximately $450 million in net deposits, while Bybit attracted around $134 million. However, the available aggregate blockchain data does not establish whether these deposits came directly from Binance customers.
Binance said it had replenished approximately 95% of the assets affected by the exploit as of November 1. The outstanding portion primarily involved tokens with lower liquidity that required more time to source.
Bitmine increases Ethereum reserves by another $19M
Bitmine (BMNR), an Ethereum-focused treasury company, acquired an additional 8,573 ETH last week as it continued working toward its objective of controlling 5% of the cryptocurrency’s supply.
The purchase was worth approximately $19.4 million, calculated using the company’s reference price of $2,261 per ETH. Following the acquisition, Bitmine’s total Ethereum holdings reached 6,060,506 ETH, valued at approximately $13.7 billion.
The latest accumulation was the company’s smallest weekly purchase since mid-August, suggesting that its buying pace has moderated in recent weeks.
Bitmine currently holds around 4.96% of Ethereum’s circulating supply and needs approximately 49,500 additional ETH to reach its 5% target. Chairman Tom Lee previously stated that the company would stop accumulating Ether once it reaches that level.
Bitcoin gains as Iran developments weigh on oil
Oil prices extended their decline on Monday after Iran’s state news agency, IRNA, reported that Supreme Leader Mojtaba Khamenei had authorized the government to engage in negotiations.
Although the significance of the reported development remained unclear, energy markets reacted with a sharp decline. West Texas Intermediate crude dropped 6.6% to $97.26 per barrel, bringing its overall decline close to 7%.
Bitcoin climbed approximately $600 to trade near $78,100. Nasdaq 100 futures advanced 1%, while the 10-year U.S. Treasury yield declined 1.4 basis points to 4.90%.
Morgan Stanley cuts Coinbase rating to underweight
Morgan Stanley downgraded Coinbase (COIN) to underweight, citing growing concerns about the cryptocurrency exchange’s earnings recovery.
Analyst Michael Cyprys lowered the firm’s price target to $120 from $258, arguing that confidence in an earnings improvement had weakened.
Coinbase shares had already plunged more than 10% on Friday following the company’s weaker-than-expected third-quarter results and broader market turmoil. The stock was then down approximately 40% in 2026 and 57% over the previous year.
Shares declined another 2.65% in premarket trading to $139.74.
Markets attempt a limited rebound before U.S. trading
Bitcoin recovered approximately 1% from Friday evening levels to around $77,500, while Nasdaq 100 futures gained 0.6% ahead of the U.S. market opening.
The modest recovery followed a period of heavy selling, with reports of possible diplomatic progress involving Iran helping push oil prices lower by roughly 4% on Monday.
Market participants are also preparing for several important economic releases. The ISM Manufacturing report is scheduled for later Monday, followed by the October nonfarm payrolls report on Friday. October’s consumer and producer inflation reports are expected next week.
Strategy adds 810 BTC while Strive purchases 124
Strategy (MSTR), led by Michael Saylor, purchased another 810 Bitcoin last week, increasing its total reserves to 849,327 BTC.
The company’s holdings represent approximately 4.04% of Bitcoin’s total supply and were worth around $66 billion. Strategy also bought back an additional $208 million of its STRC preferred shares, which continued trading below their $100 face value.
Strive (ASST), headed by Matt Cole, added 124 Bitcoin for approximately $10 million, paying an average of $80,526 per coin.
The company financed the purchase using existing cash reserves and also used its SATS at-the-market share offering for the first time. The initial issuance involved just 3,418 shares and was expected to generate approximately $300,000.
Strive’s total Bitcoin holdings subsequently reached 43,124 BTC. Both Strategy and Strive shares posted modest premarket gains after suffering sharp declines during the previous week’s market sell-off.
Marvell announces $115B all-stock deal for Lumentum
Marvell Technology (MRVL) agreed to acquire Lumentum (LITE), a manufacturer of optical components and laser technology used in AI data centers, through an all-stock transaction valued at $115 billion.
Marvell expects the acquisition to expand the combined company’s addressable market to approximately $550 billion. The company also projects annual cost savings and synergies exceeding $1 billion.
Neither stock moved significantly in premarket trading, as news of the proposed transaction had already circulated and been reflected in prices late last week.
Metaplanet completes $160M share repurchase
Metaplanet, the Japanese company pursuing a Bitcoin treasury strategy, repurchased approximately 96.5 million of its shares during the second half of October.
The company spent ¥25.3 billion, equivalent to roughly $160 million, on the buyback. CEO Simon Gerovich said the repurchased shares represented approximately 7.1% of the company’s outstanding float.
Ether ETFs suffer record monthly withdrawals
U.S.-listed spot Ether ETFs recorded $1.61 billion in net outflows during October, their largest monthly withdrawal since launching in mid-2024, according to SoSoValue.
BlackRock’s ETHA accounted for approximately $1.42 billion of the total, also marking its biggest monthly outflow on record.
Bitcoin ETFs experienced $515 million in net withdrawals over the same month, ending a two-month streak of positive monthly flows.
Binance attacker begins swapping stolen SOL for Bitcoin
A wallet linked to the Binance exploit began converting stolen Solana tokens into Bitcoin through RelayProtocol on Sunday, according to blockchain transactions monitored by an AI agent operating under the name Hupzy.
The address, labeled AffzF and reportedly identified by the U.S. Secret Service and blockchain analytics firms, held approximately 970,000 SOL after Thursday’s attack. Roughly half of those tokens were later transferred to another unidentified wallet, which subsequently began exchanging them for Bitcoin.
Hupzy said the SOL-to-BTC transactions could represent a laundering stage in the $6.3 billion breach. The activity may create additional selling pressure on Solana, while the converted Bitcoin could add potential supply pressure if the assets eventually reach trading platforms.
CoinDesk data showed Solana falling 1.6% over 24 hours, while Bitcoin remained largely unchanged.
HSBC’s RedCoin stablecoin reaches 50,000 users
HSBC’s Hong Kong dollar-pegged stablecoin, RedCoin, attracted approximately 50,000 users within just over a week of its launch, according to comments from CEO Georges Elhedery at Hong Kong FinTech Week on Monday, cited by the South China Morning Post.
The bank plans to expand adoption to millions of users through its PayMe application, which already has more than 3.3 million users.
HSBC Hong Kong CEO Maggie Ng said customers can already use RedCoin for merchant payments and wallet funding. The bank intends to integrate the token into its Hong Kong mobile banking app and eventually enable customers to use it to subscribe to tokenized investment products, including money-market funds.
