Binance sees $6.1B in crypto outflows after withdrawals resume

Binance recorded more than $6 billion in cryptocurrency outflows from wallets associated with the exchange during the 24 hours after it restored withdrawal services following last week’s record-breaking hack. The movement highlighted the immediate reaction from customers and large investors once access to their funds was reinstated.

The outflows amounted to approximately 3.6% of Binance’s $171 billion in reported assets before the attack. The estimate comes from DefiLlama’s tracking of publicly visible wallet transactions, which may include internal transfers between exchange-controlled addresses rather than exclusively customer withdrawals.

Even after the withdrawals, DefiLlama tracked roughly $129 billion in cryptocurrency across Binance-linked wallets. However, the figure is not directly comparable with Binance’s official reserve disclosures because the two calculations use different asset coverage and methodologies.

The exchange suspended withdrawals for approximately 45 hours following the October 29 security breach, during which attackers reportedly stole around $6.3 billion in digital assets.

Binance began restoring withdrawal access at 06:00 UTC on November 1. By 12:36 UTC, all 15 networks and assets included in the initial reopening had become available, including Bitcoin, Ether, Solana, XRP and leading stablecoins.

During the first nine and a half hours, the exchange processed $4.649 billion in withdrawals and received $1.01 billion in deposits. This produced net outflows of approximately $3.64 billion.

Binance said withdrawal demand was strongest immediately after services resumed but gradually eased, while deposits continued to arrive at significant levels.

Other cryptocurrency exchanges also recorded positive net flows during the period. OKX attracted approximately $450 million, while Bybit received around $134 million. Although these figures show increased activity at competing platforms, publicly available data cannot confirm how much of the incoming capital came directly from Binance customers.

On November 1, Binance said it had replenished approximately 95% of the assets affected by the attack. The remaining balance primarily involved less liquid cryptocurrencies that take longer to source.

Bitmine moves closer to 5% Ethereum ownership target

Bitmine (BMNR) added another 8,573 ETH to its treasury last week, spending approximately $19.4 million as it continued pursuing its target of holding 5% of Ethereum’s circulating supply.

The acquisition was valued using the company’s reference price of $2,261 per ETH. Its total holdings subsequently increased to 6,060,506 ETH, worth approximately $13.7 billion.

The latest purchase was the smallest weekly addition since mid-August, indicating a slower accumulation pace compared with previous weeks.

Bitmine currently holds around 4.96% of Ethereum’s circulating supply and needs approximately 49,500 more ETH to reach its target. Chairman Tom Lee previously said the company would end its accumulation program after reaching the 5% threshold.

Bitcoin advances as Iran developments pressure oil prices

Oil prices continued falling on Monday after Iran’s official state news agency, IRNA, reported that Supreme Leader Mojtaba Khamenei had authorized the government to pursue negotiations.

While the potential consequences of the reported decision remained uncertain, energy markets responded with a sharp decline. West Texas Intermediate crude dropped 6.6% to $97.26 per barrel, taking its overall losses close to 7%.

Bitcoin gained approximately $600 to trade near $78,100. Nasdaq 100 futures climbed 1%, while the 10-year U.S. Treasury yield declined 1.4 basis points to 4.90%.

Morgan Stanley downgrades Coinbase amid earnings concerns

Morgan Stanley lowered its rating on Coinbase (COIN) to underweight, citing weaker confidence in the exchange’s earnings recovery.

Analyst Michael Cyprys also reduced the firm’s price target to $120 from $258.

Coinbase shares had already dropped more than 10% on Friday after its third-quarter earnings disappointed investors amid widespread market volatility. The stock was down approximately 40% since the start of 2026 and 57% over the previous 12 months.

The shares fell another 2.65% in premarket trading to $139.74.

Bitcoin and technology futures attempt a recovery

Bitcoin rose approximately 1% from Friday evening levels to around $77,500 ahead of the U.S. trading session. Nasdaq 100 futures also advanced 0.6%.

The limited recovery followed last week’s market sell-off, while reports of possible diplomatic progress involving Iran helped push oil prices down around 4% on Monday.

Investors are preparing for several important U.S. economic reports. The ISM Manufacturing data is due later Monday, followed by October’s nonfarm payrolls report on Friday. Consumer and producer inflation reports for October are expected next week.

Strategy adds 810 Bitcoin as Strive purchases 124 BTC

Strategy (MSTR), led by Michael Saylor, acquired 810 BTC last week, increasing its total Bitcoin holdings to 849,327 coins.

The company’s reserves represent approximately 4.04% of Bitcoin’s total supply and were valued at around $66 billion. Strategy also repurchased another $208 million in STRC preferred shares, which continued trading below their $100 par value.

Meanwhile, Strive (ASST), led by Matt Cole, purchased 124 BTC for approximately $10 million at an average price of $80,526 per coin.

The company used existing cash reserves to finance the acquisition. It also accessed its SATS at-the-market offering for the first time, issuing 3,418 shares in a transaction expected to raise approximately $300,000.

Strive’s total Bitcoin holdings reached 43,124 BTC after the purchase. Both MSTR and ASST shares edged higher in premarket trading after falling sharply during the previous week’s market turmoil.

Marvell agrees to acquire Lumentum in $115B transaction

Marvell Technology (MRVL) reached an agreement to acquire Lumentum (LITE) through an all-stock deal valued at $115 billion.

Lumentum manufactures laser systems and optical components used in AI data centers. Marvell expects the acquisition to increase the combined company’s total addressable market to approximately $550 billion and generate more than $1 billion in annual cost synergies.

The two stocks showed little movement before the market opened, as news of the proposed transaction had already circulated and influenced prices late last week.

Metaplanet completes $160M share buyback

Metaplanet, the Japan-based company building a Bitcoin treasury, repurchased approximately 96.5 million shares during the second half of October.

The buyback amounted to ¥25.3 billion, equivalent to around $160 million. CEO Simon Gerovich said the repurchased shares represented approximately 7.1% of the company’s outstanding float.

Ether ETFs record unprecedented monthly withdrawals

U.S.-listed spot Ether ETFs experienced $1.61 billion in net outflows during October, their largest monthly withdrawal since the products began trading in mid-2024, according to SoSoValue.

BlackRock’s ETHA accounted for approximately $1.42 billion of the redemptions, setting its own record for monthly outflows.

Spot Bitcoin ETFs also ended a two-month streak of positive flows, recording $515 million in net withdrawals during October.

Binance hacker begins converting stolen Solana into Bitcoin

A wallet connected to the Binance attacker started exchanging stolen Solana (SOL) for Bitcoin through RelayProtocol on Sunday, according to blockchain activity tracked by an AI agent known as Hupzy.

The address, labeled AffzF and reportedly identified by the U.S. Secret Service and blockchain analytics firms, held approximately 970,000 SOL after Thursday’s exploit. Roughly half of those tokens were later transferred to an unidentified wallet, which subsequently began converting them into Bitcoin.

Hupzy said the transactions could represent a laundering stage following the $6.3 billion Binance breach. The conversions may create selling pressure on Solana, while the resulting Bitcoin could add to potential market supply if the funds eventually reach exchanges.

Solana fell 1.6% over 24 hours, while Bitcoin remained largely unchanged, according to CoinDesk data.

HSBC’s RedCoin stablecoin reaches 50,000 users

HSBC’s Hong Kong dollar-pegged stablecoin, RedCoin, attracted approximately 50,000 users within just over a week of its launch, CEO Georges Elhedery said at Hong Kong FinTech Week on Monday, according to the South China Morning Post.

The bank is targeting millions of users through its PayMe application, which already serves more than 3.3 million customers.

HSBC Hong Kong CEO Maggie Ng said RedCoin currently supports merchant payments and wallet top-ups. The bank plans to integrate the token into its Hong Kong mobile banking app and eventually enable customers to use it to subscribe to tokenized investment products, including money-market funds.