Bitcoin traded at approximately $77,175 on Saturday, reflecting a 1.71% decline as the cryptocurrency market grapples with the aftermath of the record $6.3 billion hack on Binance. The breach, which occurred late Thursday, sent shockwaves through digital asset markets, causing notable drops in crypto-linked stock prices.
Following the hack, Bitcoin dipped below $77,000 during trading on October 30, hitting a low of $76,944 shortly after midnight UTC before regaining some ground later in the session.
Prominent analyst Michaël van de Poppe remarked on Bitcoin’s surprising resilience, noting that despite the unprecedented nature of the hack, the cryptocurrency’s price held relatively steady. He expressed cautious optimism, indicating that a drop to the $75,000-$76,000 range could present a buying opportunity, particularly as the breach occurred at an exchange rather than affecting the underlying asset itself.
Van de Poppe highlighted $78,400 as a critical resistance level, suggesting that the market may need time to stabilize after the hack’s impact. He referred to the $78,000 level as a potential bearish flip point, indicating that it may take further market adjustments for Bitcoin to regain upward momentum.
Binance’s Recovery Strategy
As attention shifts from the theft itself to the laundering of the stolen funds, Chainalysis has identified new patterns indicating that the laundering efforts are being executed through automated systems. The investigative firm has linked some of these activities to the North Korean hacking group Tradertraitor, with funds connected to a previous breach at Bitget.
In response to the hack, Binance has announced a phased approach to restoring withdrawals, having set aside over $6.34 billion in company funds, which includes $5 billion already held in the affected cryptocurrencies. The exchange plans to procure the remaining tokens through market trades and over-the-counter transactions, although some purchases may face delays due to liquidity constraints.
ETF Market Movements
In addition to the hack’s impact on Bitcoin, recent data indicated significant outflows from U.S. spot Bitcoin ETFs, with a reported $643 million in net outflows on October 30, according to SoSoValue data. BlackRock’s IBIT ETF experienced the highest single-day outflow, totaling $234 million.
This followed a period of inflows earlier in the month, where funds accumulated approximately $440.8 million over four sessions through October 29. The market’s appetite appeared to wane, with inflows dwindling to just $17.2 million on Thursday.
Lacie Zhang of Bitget Wallet emphasized that maintaining Bitcoin’s price within the $76,000-$77,000 range and pushing past the $80,000 mark would signal a return to stability in the market.
As of Saturday morning, Bitcoin continued to trade at $77,175.4, reflecting a slight decrease but remaining above the $77,000 threshold.
