- Binance recorded $3.64 billion in net outflows after processing $4.65 billion in withdrawals following the reported $6.3 billion exploit.
- U.S. spot Bitcoin ETFs recorded $643.2 million in daily outflows on Friday, while October withdrawals reached approximately $516 million.
- QCP identified 76,000-76,600 as Bitcoin’s key support and 79,500-80,500 as resistance, with lower levels near $73,100 if support fails.
Bitcoin defended the $76,000 support range after last week’s $6.3 billion Binance exploit triggered heavy withdrawals and market losses. According to QCP, BTC dropped to $76,141 on Friday, its lowest level since September 17. Meanwhile, Binance recorded $3.64 billion in net outflows as withdrawals resumed across 15 networks.
Binance Outflows Reach $3.64 Billion After Exploit
Attackers stole approximately $6.3 billion from Binance on Thursday, including 18,270 BTC. Bitcoin subsequently fell below $80,000, but the 76,000–76,600 support range held for the fourth time.
Binance reopened withdrawals in phases on Sunday. The exchange processed $4.65 billion in withdrawals against $1.01 billion in deposits. Consequently, net outflows reached $3.64 billion, representing approximately 2.1% of its assets.
Binance said it had covered 95% of the stolen funds. However, its full proof of reserves was delayed until Tuesday. The attacker still holds the stolen Bitcoin and has divided it into smaller 1,000 BTC and 100 BTC transfers.
Bitcoin ETFs Record $643 Million in Outflows
Institutional demand also weakened following the exploit. U.S. spot Bitcoin ETFs recorded $643.2 million in outflows on Friday. Weekly outflows reached approximately $202 million, while October ended with net withdrawals of roughly $516 million.
QCP also highlighted declining ETF basis-trade returns. Galaxy estimates that the strategy currently earns approximately 4.8%, just 0.6 percentage points above Treasury bills.
Meanwhile, Strategy made no Bitcoin purchases last week but repurchased $204.9 million in STRC. Shareholders approved daily STRC dividends with 99.3% support. MSCI’s November 11 decision on Strategy remains another institutional market event.
QCP Identifies Bitcoin’s Next Price Levels
Bitcoin traded near $78,500 during Tuesday’s Asian session after October closed 7.3% lower. QCP identified 76,000–76,600 as support and 79,500–80,500 as resistance.
Beyond crypto, Brent crude settled at $117.63 Friday before easing to $109.66. Meanwhile, markets faced Tuesday’s midterms, Binance’s reserve disclosure, a Bank of England rate decision, and Friday’s payrolls report.
QCP noted that a daily close above $79,500 would recover lost ground. However, breaking $76,000 could expose the 50-week average near $75,700 and 200-day average around $73,100.
