Key Takeaways
- • Crypto liquidations reached $397.74 million over 24 hours, with 91,383 traders liquidated and long positions accounting for 76.8% ($305.30 million), according to CoinGlass data.
- • Binance lost about $6.3 billion in token assets in a hot wallet compromise around 20:05 UTC on October 29, with about $3 billion of the affected assets frozen on-chain.
- • TRM Labs and Elliptic attributed the attack to North Korea-linked hackers; Binance said it found no evidence that private keys leaked and will cover user losses through its Secure Asset Fund for Users and corporate funds.
- • U.S. spot Bitcoin ETFs recorded $643.33 million in net outflows on Friday, per SoSoValue, ending four straight days of inflows.
- • Bitcoin traded near $77,177, about 38.8% below its record high of $126,080 set in October 2025, while Nasdaq-100 futures fell 2.3% after Amazon raised its capital spending forecast.
Summary
Crypto liquidations reached $397.74 million over the 24 hours to Saturday, as Bitcoin traded near $77,000. The selling followed a $6.3 billion hack at Binance, the world's largest crypto exchange by trading volume. According to CoinGlass data, 91,383 traders were liquidated, with long positions making up 76.8% of the total, or $305.30 million, while shorts accounted for $92.43 million. Bitcoin accounted for the largest share at about $141.69 million, roughly 70.4% of it from longs. Ether followed with $31.45 million, 60.3% of it longs, and gold-linked contracts saw $28.94 million in liquidations. Binance handled 50.5% of all liquidations, and the largest single order was $11.43 million on its Bitcoin-Tether pair.
Binance said its hot wallets were compromised around 20:05 UTC on October 29, resulting in the loss of about $6.3 billion in token assets. Its early investigation points to a compromised laptop belonging to a DevOps engineer, which the attacker used to reach a service container and submit unauthorized withdrawals. Binance said it found no evidence that wallet private keys leaked. About $3 billion of the affected assets has been frozen on-chain. TRM Labs and Elliptic attributed the attack to North Korea-linked hackers. Binance said it will cover user losses through its Secure Asset Fund for Users and corporate funds. Withdrawals remain paused, while deposits and other unaffected services continue to operate.
The pressure extended beyond crypto markets. U.S. spot Bitcoin ETFs recorded $643.33 million in net outflows on Friday, according to SoSoValue, ending four consecutive days of inflows. BlackRock's iShares Bitcoin Trust lost $233.70 million, and Fidelity's Wise Origin Bitcoin Fund lost $201.04 million. Bitcoin traded at $77,177, down 4.3% over seven days and about 38.8% below its record high of $126,080, set in October 2025. Liquidations slowed from Friday, when they reached $1.57 billion and about 242,000 traders were liquidated. In equities, Nasdaq-100 futures fell 2.3% after Amazon raised its capital spending forecast, and Intel dropped about 25% on weak guidance.
Market participants are watching whether Bitcoin holds above its 24-hour low near $76,300. ETF flows on Monday, November 2, will indicate whether redemptions continue, and updates from Binance on resuming withdrawals are also expected.
Binance said its hot wallets were compromised around 20:05 UTC on October 29, resulting in the loss of about $6.3 billion in token assets. Its early investigation points to a compromised laptop belonging to a DevOps engineer, which the attacker used to reach a service container and submit unauthorized withdrawals. Binance said it found no evidence that wallet private keys leaked. About $3 billion of the affected assets has been frozen on-chain. TRM Labs and Elliptic attributed the attack to North Korea-linked hackers. Binance said it will cover user losses through its Secure Asset Fund for Users and corporate funds. Withdrawals remain paused, while deposits and other unaffected services continue to operate.
The pressure extended beyond crypto markets. U.S. spot Bitcoin ETFs recorded $643.33 million in net outflows on Friday, according to SoSoValue, ending four consecutive days of inflows. BlackRock's iShares Bitcoin Trust lost $233.70 million, and Fidelity's Wise Origin Bitcoin Fund lost $201.04 million. Bitcoin traded at $77,177, down 4.3% over seven days and about 38.8% below its record high of $126,080, set in October 2025. Liquidations slowed from Friday, when they reached $1.57 billion and about 242,000 traders were liquidated. In equities, Nasdaq-100 futures fell 2.3% after Amazon raised its capital spending forecast, and Intel dropped about 25% on weak guidance.
Market participants are watching whether Bitcoin holds above its 24-hour low near $76,300. ETF flows on Monday, November 2, will indicate whether redemptions continue, and updates from Binance on resuming withdrawals are also expected.
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