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Here’s How Much Binance Users Withdrew as Bitcoin Bulls Spot an FTX-Era Signal
Bitcoin's refusal to extent its initial losses are seen as a potentially bullish signal from some analysts.
Dextape brief
CryptoPotato reported that Binance restarted withdrawals at 06:00 UTC, bringing its first batch of 15 networks and assets back within five hours. From 06:00 to 15:30 UTC, users pulled out $4.649 billion while deposits reached $1.01 billion, leaving net outflows near $3.64 billion. The exchange said that equals about 2.1 percent of the $171 billion it manages, based on its October 28 Proof of Reserves data. Withdrawals spiked once services came back, then eased, while deposits held steady. The earlier $6.3 billion hack on Friday pushed bitcoin from about $81,000 down to $76,000 and caused $1.5 billion of liquidations. The company says it will absorb those losses instead of shifting them to users and has refilled 95 percent of the affected assets. Bitcoin has since held near $78,000.
Why it matters: The episode links a large outflow from a major exchange after a security breach with bitcoin holding steady, a pairing relevant to readers following exchange health and market resilience.
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