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Bitcoin Steadies Near $78,000 as Binance Withdrawals Resume
Bitcoin sits about 2% above its post-Binance hack low despite Friday's $643 million ETF exit, and Binance says withdrawals have slowed since it reopened them Sunday.
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Bitcoin traded near $77,926 on Monday morning, roughly 2% above the post-hack low of about $76,100 that Unchained calculated. U.S. spot bitcoin ETFs still logged net outflows of $643.3 million on Friday, the first U.S. session since the hack. On Sunday, Binance started letting customers withdraw again, in phases beginning at 06:00 UTC. Between 06:00 and 15:30 UTC, customers withdrew $4.649 billion and deposited $1.01 billion, leaving a net drain of roughly $3.64 billion, which the exchange said equals 2.1% of the assets it held for users. TRM Labs and Chainalysis put hack losses above $6.3 billion and both blame TraderTraitor, a North Korea-linked hacker collective. Binance also committed to absorbing the losses, using funds from SAFU and company resources.
Why it matters: A hack of this scale and the withdrawal outflows that followed show how a single exchange incident can reach crypto readers through trading and fund flows.
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