BTC recovered from Friday’s lows, with the next test near $78,900 as Binance customers moved billions off the exchange.
Bitcoin traded near $78,000 at the time of this writing, on November 2, holding above Friday’s lows as Binance customers regained access to withdrawals. Its price was around $78,021, down 0.43% in the ongoing session at the time of this writing.
This small recovery follows a challenging close to October. On October 30, Crypto ETFs tracking U.S. BTC spots registered $643.33 million in net outflows, while Binance’s reopening saw withdrawals of billions of dollars from customers.
Customers move funds as Binance reopens
On November 1, Binance started restoring withdrawals in increments after the attack a few days before, on October 29. Starting over with a few networks and assets slowly, then restoring more services after further security checks.
On November 1, withdrawals tallied $4.649 billion against $1.01 billion in deposits between 06:00 and 15:30 UTC. Withdrawals therefore surged far ahead, with an approximate net exodus of $3.64 billion between 06:00 and 15:30 UTC.
Reuters said on November 2 that as of the date of that report, a Binance spokesperson had confirmed net customer withdrawals of $4.72 billion since opening back.
Binance has said it will cover the loss.
Bitcoin funds finish October with withdrawals
SoSoValue’s October 30 data showed $643.33 million leaving U.S. spot Bitcoin ETFs on a net basis. Combined fund assets stood at $98.14 billion.
BlackRock’s IBIT recorded the largest withdrawal at $233.70 million. Fidelity’s FBTC followed with $201.04 million, while ARK & 21Shares’ ARKB lost $129.55 million.
These withdrawals provide a separate measure of reduced exposure through Bitcoin investment products. The data gives no breakdown of investors’ reasons for redeeming their holdings.
The next U.S. trading sessions will show if the withdrawal pattern being seen will continue into November.
The rebound still faces $80,000
BTC bounced back from around $76,500 it was on Friday, but the move didn’t look like much on the chart.
On November 2, it traded between about $77,603 and $78,878 before settling near $78,021 at the time of this writing.
A move above $78,900 would take it above the day’s high and bring the $80,000–$80,300 region into view. That area is near where Bitcoin’s shorter-term average prices are.
Below the market, $77,600 marks the day’s low, followed by the recent $76,500 area.
Final Summary
- Bitcoin was near $78,000 as Binance restored withdrawals and reported a lot of customer outflows.
- U.S. spot Bitcoin ETFs lost $643.33 million on October 30, as the BTC price rebound remained below $80,000.