On November 2, Bitcoin traded in a narrow range around $78,000, after the world's largest cryptocurrency exchange, Binance, suffered a record-breaking hack that continued to weigh on confidence in the crypto market. At 22:50 Beijing time on the 2nd, Bitcoin stood at $77,929.9, close to a one-month low, with a cumulative decline of about 6% in October. At the same time, with U.S. midterm elections approaching, investors are worried that a change in control of Congress could affect future cryptocurrency regulatory policy, further dampening market risk appetite.

Binance announced over the weekend that it had restored withdrawal services on several major blockchain networks in phases. Previously, the exchange suffered a crypto asset theft of about $6.3 billion, the largest such theft in the history of the cryptocurrency market. Binance said it had used its own funds to buy replacement tokens, covering about 95% of the affected assets, and promised to bear all customer losses.

On the capital flow side, on October 30, U.S. spot Bitcoin ETFs recorded a net outflow of $643.3 million, the largest single-day outflow in four months, with a cumulative net outflow of $202.6 million for the week. Spot Ethereum ETFs saw a net outflow of $155.9 million on the same day, with a cumulative net outflow of $431.5 million for the week, reflecting a clear weakening of institutional investors' risk appetite for crypto assets.

In addition, Bitcoin payment tool BTCPay Server also disclosed a new round of security incidents. The company found that attackers are exploiting security vulnerabilities in older versions of its software to steal users' hot wallet assets, with the affected versions mainly being those released in July 2026 and earlier. The company has urged users to upgrade to the latest version and said it has not yet found credible reports of similar asset theft among users of the latest version.