Key Takeaways
- • A Binance hot wallet was reportedly hacked, losing about $2.8 billion and pushing Bitcoin below $79,000, according to Pluang.
- • Traders are weighing Bitcoin short positions via futures on platforms such as Bitget and OKX Europe, but experts warn that shorting immediately after a crash carries high risk of rapid rebounds and funding costs.
- • Suggested alternatives include margin trading, put options, inverse ETPs and stablecoin swaps, with advice to use low leverage, set stop-losses and consider stablecoins for hedging.
- • Regulatory treatment differs by jurisdiction, with EU users facing stricter rules and licensed-exchange requirements.
- • Broader market weakness was evident on October 30, 2026, with 44 of 50 major cryptocurrencies falling on Pluang's snapshot.
Summary
A Binance hot wallet was hacked, with losses of approximately $2.8 billion, according to Pluang. The incident pushed Bitcoin's price below $79,000 and triggered a sharp sell-off across digital assets. Related coverage of the event reported that Solana fell below $100 following roughly $628 million in liquidations, mostly on leveraged long positions, although no Solana tokens were stolen.
In response, traders are considering short positions in Bitcoin using futures contracts on platforms including Bitget and OKX Europe. Pluang reports that experts caution against shorting immediately after a crash, citing the risk of quick price rebounds and ongoing funding costs. Alternatives discussed include margin trading, put options, inverse exchange-traded products and stablecoin swaps. Recommended risk controls include low leverage, stop-loss orders and the use of stablecoins for hedging rather than aggressive directional bets.
Regulatory conditions vary by jurisdiction. Pluang notes that EU users face stricter rules and licensed-exchange requirements, which affects which instruments are accessible.
Pluang's market snapshot as of October 30, 2026, 04:51 WIB, showed broad weakness: only 5 of 50 major cryptocurrencies rose while 44 fell. Among the declines, MANA fell 8.57% to Rp1.333, SUSHI dropped 8.18% to Rp3.496 and GRT declined 8.34% to Rp378.
Additional coverage linked a suspected Binance hacker wallet to $47.3 million in Uniswap (UNI), the largest altcoin position in that wallet, with further holdings in ENA, PEPE, LINK and AAVE.
In response, traders are considering short positions in Bitcoin using futures contracts on platforms including Bitget and OKX Europe. Pluang reports that experts caution against shorting immediately after a crash, citing the risk of quick price rebounds and ongoing funding costs. Alternatives discussed include margin trading, put options, inverse exchange-traded products and stablecoin swaps. Recommended risk controls include low leverage, stop-loss orders and the use of stablecoins for hedging rather than aggressive directional bets.
Regulatory conditions vary by jurisdiction. Pluang notes that EU users face stricter rules and licensed-exchange requirements, which affects which instruments are accessible.
Pluang's market snapshot as of October 30, 2026, 04:51 WIB, showed broad weakness: only 5 of 50 major cryptocurrencies rose while 44 fell. Among the declines, MANA fell 8.57% to Rp1.333, SUSHI dropped 8.18% to Rp3.496 and GRT declined 8.34% to Rp378.
Additional coverage linked a suspected Binance hacker wallet to $47.3 million in Uniswap (UNI), the largest altcoin position in that wallet, with further holdings in ENA, PEPE, LINK and AAVE.
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