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Bitcoin Weathers $6.3 Billion Hack as Fears of Contagion Ease

Since the record cyber theft against the world’s largest crypto exchange last week, traders bracing for the worst have instead watched Bitcoin pull off an unexpected feat: defying gravity.

The original cryptocurrency was mostly little changed on Monday, changing hands at around $76,700 in late New York trading. It’s down roughly 5% from Thursday’s high before Binance disclosed a hack that would ultimately see $6.3 billion of assets siphoned off. The token’s resilience has widely been attributed to the swift response from Binance, which promised from the start to cover all losses.

Bitcoin traders eye post-election rally as exchange outflows point to supply squeeze

Bitcoin traders are weighing the risk of a Democratic sweep in Tuesday's midterm elections against signs that the cryptocurrency could be setting up for a rebound, with billions of dollars in short positions and a wave of withdrawals from exchanges drawing attention.

Chris Sullivan, founder and CEO of Hyperion Decimus, had flagged roughly 29,220 bitcoin-equivalent short positions on CME, worth about $2.2 billion, along with $21.99 billion in short-side taker volume over a 24-hour period.

That positioning raised the prospect of a short squeeze, where rising prices force traders betting against bitcoin to buy back their positions, adding to the rally.

Mercado Bitcoin, Brazil’s largest crypto exchange, hit by $46 million security breach

Mercado Bitcoin, Brazil's largest cryptocurrency exchange, confirmed Monday that it suffered a security incident involving approximately $46.3 million in assets, according to Arkham data.

"We identified and swiftly contained a security incident in one of our systems early this morning," the exchange said in a post on X. Mercado Bitcoin temporarily suspended deposits and withdrawals as a precaution while its teams investigate the incident, track the assets, and coordinate with authorities.

The exchange said the incident did not affect customers or result in a data breach. It also published the destination wallet addresses associated with the transactions to help blockchain security firms and other parties monitor and track the assets.

Bitcoin & Ethereum Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Monday was $398.62 million. The total net asset value of Bitcoin spot ETFs is $98.12 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.36%.

The Bitcoin spot ETF with the highest net outflow on November 2 was iShares Bitcoin Trust (IBIT), with a net outflow of $405.30 million, according to SoSoValue.

Source: SoSoValue

The overall net outflow of the US Ethereum spot ETF on Monday was $139.80 million. The total net asset value of Ethereum spot ETFs is $13.18 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 4.80%.

The Ethereum spot ETF with the highest net outflow on November 2 was iShares Ethereum Trust ETF (ETHA), with a net outflow of $138.31 million, according to SoSoValue.

Source: SoSoValue