Bitcoin held near $78,000 on Monday after recovering part of last week’s losses, as Binance gradually restored withdrawals following a record $6.3 billion security breach. The market remained cautious amid heavy outflows from US-listed crypto exchange-traded funds (ETFs), fresh security concerns and uncertainty ahead of the US midterm elections. Bitcoin traded around $78,050.90, little changed during the session, after losing approximately 6% in October. The recovery has yet to establish a convincing reversal of the recent decline.
Binance restores withdrawals after $6.3B hack
Binance began restoring withdrawals in phases after the theft of approximately $6.3 billion in cryptocurrency. The exchange said it had replaced about 95% of the stolen tokens, using company funds to purchase replacement assets. The remaining portion involved less-liquid cryptocurrencies that could take longer to source.
The FBI attributed the breach to TraderTraitor, a North Korean state-sponsored hacking group. Investigators said the attackers converted some stolen assets into Ethereum and could attempt further laundering through related services.
Binance also reported that it and industry partners had identified approximately $3 billion in affected assets for freezing. The exchange pledged to cover customer losses, attempting to reassure users and limit the impact on confidence across the crypto industry.
However, restoring withdrawals has not immediately eliminated concerns. Binance customers withdrew a net $4.72 billion after services resumed, although the exchange said the outflows were stabilizing. The episode highlights how a security failure at a major trading platform can affect liquidity and confidence across the wider market.
ETF outflows and elections pressure Bitcoin
Institutional investment flows provided another warning sign. According to SoSoValue data, US spot Bitcoin ETFs recorded $643.3 million in net outflows on Friday, their largest single-day withdrawal in four months. The funds ended the week through October 30 with net outflows of $202.6 million.
Spot Ethereum ETFs also recorded $155.9 million in withdrawals on Friday, their largest daily outflow since October 7. Weekly outflows reached $431.5 million.
The upcoming US midterm elections on November 3 added another source of uncertainty. Investors are assessing whether changes in congressional control could influence the direction of cryptocurrency legislation and regulatory policy.
BTCPay security alert adds market pressure
Security concerns extended beyond centralized exchanges. BTCPay Server, an open-source Bitcoin payment platform, warned users about unauthorized withdrawals from hot wallets on older software installations.

The project later identified an attack vector affecting versions 2.4.1 and earlier, while reporting no credible wallet-drain incidents involving its latest 2.4.7 release. The investigation has not established a total loss figure.
Other major cryptocurrencies showed mixed performance:
- Ethereum: Up 0.7% to $2,287.44.
- XRP: Down 0.7%.
- Solana and Cardano: Each lost approximately 1.5%.
- BNB: Declined 1%.
- Dogecoin: Fell 0.7%, while TRUMP gained 2.2%.
Conclusion:
Bitcoin’s ability to remain near $78,000 offers some evidence of stabilization, but the broader market remains vulnerable. Binance’s withdrawal restoration and commitment to replace stolen assets have reduced immediate operational concerns, yet substantial customer withdrawals, ETF outflows and the BTCPay incident continue to weigh on confidence. Until institutional flows improve and security concerns ease, Bitcoin may struggle to establish a sustained recovery. The market’s next direction will depend on whether buyers return or investors continue reducing exposure to digital assets.
Sources & Methodology
Primary-source standard: Market-moving facts should link to original data releases, regulator notices, company filings or official project announcements whenever available. Secondary reporting is used for additional context, not as a substitute for original evidence.
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