Binance Reopens & THORChain Test

Bitcoin traded at $78,317 at about 06:04 UTC on November 2, 2026, 38% below its $126,155 all-time high, after three straight daily gains through the November 1 close. That close, at $78,278, still sat just under the $78,570 daily close set as the level to reclaim in the Coinjuice LIVE session on Bitcoin’s drop to $76K after the Binance hack. The weekly close held above the 50-week average flagged in the October 31 Read.

The price move is small. The more important development is where the stress has moved. Withdrawals tested Binance, while the stolen coins now test permissionless rails.

Binance Reopens: A $3.64B Net Exit Tests the Withdrawal Promise

The October 31 Read covered how Binance planned to pay for the breach. Once withdrawals reopened, depositors had a chance to test that plan with their own money:

• The reopening: Binance reopened withdrawals in phases, starting with 15 blockchain networks, including BTC, per Cointelegraph.

• The flows: Binance processed about $4.65 billion in withdrawals and received about $1.01 billion in deposits, a net outflow of about $3.64 billion. The figures are from Binance and were reported by CNBC, BBC and Reuters.

• The share that left: Binance put that net outflow at about 2.1% of its roughly $171 billion in assets, based on its October 28 proof of reserves. The measurement covered 06:00 to 15:30 UTC on November 1, about 9.5 hours, per CNBC. Changpeng Zhao said 98% of users chose to stay.

• A wider number: Cointelegraph notes that DefiLlama’s Binance wallet tracker showed about $5.8 billion of 24-hour outflows. That figure may include internal transfers between Binance wallets, so it is not directly comparable with Binance’s own net figure.

• The replenishment: About 95% of the stolen crypto has been replenished using Binance’s corporate reserves, insurance and 50% of the Secure Asset Fund for Users (SAFU), per Cointelegraph. Because half the SAFU fund is now spent, less of that buffer is left for any future incident.

• Two frozen tallies: Binance reported about $3 billion verified frozen on October 30. Elliptic later estimated about $2.84 billion, mostly USDC and USDT, frozen on chain, which would leave the attackers with about $3.33 billion. The two figures come from different dates and sources, and neither is confirmed as final.

• The attribution: The FBI attributed the attack to TraderTraitor, a group associated with North Korea’s Lazarus Group. Binance co-CEO Richard Teng said the attacker relied on more than one engineer’s permissions and that the breach was not a single one-click action. Binance’s earlier update had pointed to a compromised DevOps laptop.

• The overhang: Reports put the attackers’ holdings at no less than 18,000 BTC and 430,000 ETH after swaps. Other tallies of FBI-identified addresses reach 18,270 BTC and 551,612 ETH. Cointelegraph notes concern that fast selling of those coins would weigh on BTC and ETH prices.

• A treasury exit: After the hack, the board of Nasdaq-listed Next Technology Holding approved selling its 5,833 BTC treasury, worth about $450 million. Neither the company nor Cointelegraph has tied the decision to the hack.

THORChain Test: FBI Pressure Puts a Permissionless Swap Venue on Trial

While Binance processed its withdrawal queue, the question of who must stop the stolen coins moved down to the infrastructure layer. Withdrawals tested Binance, while the stolen coins now test permissionless rails:

• The FBI list: The FBI published addresses connected to the hack. It specifically named THORChain node operators, RPC node operators, instant exchanges, DeFi services and analytics firms among the services that should block transactions with or derived from those addresses.

• An unrelated halt: 10 of THORChain’s 13 connected chains, including Bitcoin, Ethereum and Tron, are paused, while Avalanche, Base and XRP Ledger remain open, per Cointelegraph. The halt began at 11:34 UTC on October 31, after an Ethereum reorganization exposed a refund bug. It has no connection to the hack.

• An accidental brake: Chainalysis says the halt may have inadvertently slowed the laundering. Before it, The Block reports, citing SomaXBT, that about $242 million was laundered through Tron in two days. That included about $48 million through Relay, $44 million through THORChain, $32.1 million through Chainflip and $16 million through Symbiosis. Lookonchain separately reports that the Relay route converted about half of $95.9 million in stolen SOL into Bitcoin.

• Who decides: THORChain developer Chad Barraford said around 50 individuals operate the network’s roughly 100 nodes. One third plus one of node operators can vote to halt activity, and the network can process transactions with as few as four nodes.

• The founder’s position: JP Thor, who says he is no longer involved, argued that node operators should refuse to cooperate. He warned that taking the protocol offline would mean “the experiment is over.”

• The legal exposure: If operators refuse to halt or block addresses, Cointelegraph reports they could face prosecution, given the scale of the theft and the involvement of the FBI and Secret Service.

• The market read: RUNE rose about 13% on October 30, from $0.59 to $0.67, on expectations of swap fees, per Cointelegraph. Standard Chartered’s Geoffrey Kendrick argued the hack should push more trading to decentralized exchanges, with the DEX-to-CEX ratio at about 23.5%. That is his stated view.

• What it means for holders: Once stolen value is converted into Bitcoin, no issuer can freeze it. The only checkpoints left are the exchanges, swap venues and node operators the coins pass through, which is why enforcement pressure is now falling on those businesses rather than on the asset itself.

ETF Flows: No New Session Since the $643M Exit

• Latest data unchanged: The latest reported session is still October 30. On that day, all spot Bitcoin ETFs together lost $643.2 million, and the five sessions from October 26 to 30 netted minus $202.4 million, per DefiLlama. The full fund breakdown sits in the October 31 Read.

• The reversal: The October 30 exit compares with average inflows of about $110.2 million per day across the four sessions before it. The four biggest outflows that day came from IBIT, FBTC, ARKB and GBTC, which together lost $617.5 million.

• What comes next: The first day after the reopening will show whether outflows continue or the earlier inflow pattern resumes.

Technicals: BTC Reclaims Its Bands as Momentum Improves

Source: Indicators calculated on DefiLlama completed daily closes through November 1, 2026. Bollinger Bands use 20 periods and two standard deviations, with a 60-day median band-width test.

• Back inside the range: Price closed below its lower band on October 30 and has moved back to about 15% of the band range, with MACD turning from deepening to improving.

• Still under the short end: The 20-day average sits about 3% overhead. This makes the $78,570 daily close level from the LIVE session the first test for the rebound.

Moving Averages Across Timeframes

Source: Simple averages calculated on CryptoQuant daily closes (all exchanges, BTC/$spot), against the CryptoQuant November 1 close of $78,252, which completed both a weekly and a 3D candle. Thanks to CryptoQuant for the data. The DefiLlama close used elsewhere in this edition is $78,278. Percentages show price versus each average.

• The weekly line held: The November 1 weekly close finished 3.31% above the 50-week average. That was the level the October 31 Read and the LIVE session flagged as the one to hold.

• Resistance zone: The 1D 20 and 50 and the 3D 20 all sit between $80,850 and $81,931. The October 27 and 28 daily highs both stalled inside that zone.

• Seasonal context: For how Bitcoin has behaved in November across 13 years, see Coinjuice’s Bitcoin November seasonality data.

For technical analysis from a wide range of analysts, see the CryptoQuant QuickTake community.

Week Ahead: Election Day and a Jobs Report Stack the Calendar

• Tuesday, November 3: US Election Day. JOLTS is released at 10:00 a.m. ET.

• Thursday, November 5: Productivity and Costs at 8:30 a.m. ET.

• Friday, November 6: The October Employment Situation report at 8:30 a.m. ET, per the BLS calendar.

• The backdrop: The White House cited third-quarter GDP growth of 3.4% annualized and PCE inflation of 2.1%. These figures have not been verified against the Bureau of Economic Analysis release in this edition. Scheduled releases can move rate expectations, but their dates alone do not indicate which way BTC will move.

Coinjuice Lens: Bitcoin Ownership

Binance’s reopening showed that the value of an exchange balance depends on being able to withdraw it. Self-custody has its own weak point, though: the supply chain behind the device. Trezor urged anyone who bought its hardware wallets from former reseller CryptoBilis since March to move their funds, after a report of a suspected implant in a Safe 5. The company says it has not yet examined the device and has received no reports of related losses. Coinjuice’s analysis of whether a hardware wallet can generate a weak Bitcoin seed traces where trust still sits once coins leave an exchange.

Readers looking to prepare for a test of the $78,570 daily close can start with the Coinjuice ebook, Bitcoin Trading Without Leverage, now 15% off with the code TRADE15OFF, or go deeper with a Coinjuice subscription, currently 30% off the annual plan, where we start and complete trades and you will learn to snipe them independently.

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News Behind Today’s Read

• $3.6B flees Binance on reopen, THORChain co-founder opposes coin freeze: Hodler’s Digest (Cointelegraph). Source for the withdrawal and deposit figures, the 95% replenishment, the FBI address list, the THORChain governance details, the Elliptic freeze estimate and the Next Technology Holding sale.

• Binance says phase one of withdrawals opens after $6.3B hack (Cointelegraph). Source for the phased reopening across 15 networks.

• FBI blames North Korea for record $6.3B Binance hack (Cointelegraph). Source for the FBI’s TraderTraitor attribution.

• Bitcoin ETFs see $643 million outflows in weekly reversal (CryptoSlate). Source for the October 30 outflow that left the ETF week negative.

• Implant reported in a Trezor sold by CryptoBilis (Trezor). Source for the reseller warning in the Lens section.

Continue the read: Oct. 31 · Oct. 30 · Oct. 29

Market Snapshot

Prices as of November 2, 2026, about 06:04 UTC; DeFi TVL as of about 09:40 UTC. Source: DefiLlama.

This article was developed with the support of artificial intelligence tools as part of Coinjuice’s editorial process and reviewed by our editorial team before publication.