Binance replaces 98% of assets after record $6.3 billion hack

Binance processes $3.64 billion in net withdrawals

This net amount was calculated from $4.65 billion in total withdrawals processed against $1.01 billion in deposits.

Between the initial attack and November 5, Binance-associated wallets recorded net outflows of 28,316 BTC.

These liquidity movements occur as stringent immigration regulations continue to limit labor-force growth, keeping monthly job gains near zero by historical standards.

Bitcoin ETFs record $869.8 million in weekly outflows

On November 5, net outflows reached $430.2 million, led by Fidelity’s FBTC at $199.9 million and BlackRock’s IBIT at $105 million.

While crypto markets faced pressure, U.S. stocks rebounded on Friday, with the Nasdaq Composite rising 1.73% to 24,579.43 points and the S&P 500 gaining 0.32% to 7,376.92 points. The Dow Jones Industrial Average fell 0.46% to close at 51,286.21 points.

Semiconductor stocks led the recovery, with Nvidia shares jumping 5.6%. This performance helped chipmakers recover from a steep sell-off on Thursday that was triggered by concerns over tighter artificial intelligence regulations.

Morgan Stanley downgrades Coinbase to underweight

Wall Street's average price target for Coinbase has fallen 48% this year, and the stock has declined over 39% year to date.

Analysts have lowered Coinbase's price targets and long-range revenue expectations due to a legislative standstill, softer volumes, and lower Bitcoin prices.

Gus Galá of Monness, Crespi, Hardt & Co. maintains a sell rating on Coinbase and said, "I don't know that we saw the bottom yet," while describing 2027 as "a lost year". In external global developments, a market-airstrike in Yemen’s Taiz province resulted in at least 30 deaths and several injuries.

US crypto legislation stalls after midterm elections

The Republican party suffered a decisive defeat in the midterm elections held on Tuesday. This result impacted the crypto-friendly Republican party, and U.S. crypto market structure legislation is currently stalled. US crypto market structure legislation is currently stalled, and Gus Galá noted that any bill passed in 2027-2028 will likely be "very different than what you would've gotten 2025 to 2026".

Separately, commodity firms Trafigura, Vitol, Mercuria, and ADNOC are in talks with the United States government to obtain licenses that would let them purchase or lease up to 50 oil tankers previously placed on the "dark fleet" sanctions list. These firms aim to relieve a worldwide shipping shortage and soaring freight rates.

Social sentiment hits record lows amid exchange outflows

Binance, which provides infrastructure to over 200 million users, saw Bitcoin's positive-to-negative social commentary ratio fall to 0.37 between October 29 and October 30.

Data from tracked exchanges shows that between October 25 and November 5, Bitcoin balances decreased by 38,631 BTC, or 2.92%. USDT net exchange outflows on Ethereum were recorded at approximately 1.71 billion on October 29, followed by 3.94 billion on November 2.

Ethena's ENA token saw 169 addresses withdraw funds in a single hour on October 29, compared to the typical 20–25 addresses. Binance released a new reserve snapshot at 00:00 UTC on November 4, covering 44 tokens, an increase from 10 tokens.

Markets priced in a 78% chance of a Federal Reserve rate hike in December, as strong October jobs data fueled bets on a hike. Federal Reserve officials said the robust labor market leaves room for additional monetary tightening to fight persistent inflation, even as falling oil prices reduce longer-term inflation expectations. The factory sector has added 101,000 jobs since December 2025. Artificial intelligence is having mixed effects across industries: information and finance sectors are shedding jobs, while professional and business services are posting gains.

The U.S. Supreme Court agreed to review Goldman Sachs’ challenge concerning whether bankruptcy courts may overrule enforceable arbitration agreements under Section 362(k) of the Bankruptcy Code and the Federal Arbitration Act. The dispute originates from a Fourth Circuit decision that rejected Goldman Sachs’ attempt to compel arbitration in a suit brought by Apple Card users, finding that arbitration would conflict with the goals of bankruptcy law.

The U.S. Energy Information Administration projects record oil and gas output for 2026 to meet growing energy demand, while initiatives seek to counter freight costs that kept oil prices close to $100 per barrel following the conflict with Iran. A post-election rally in U.S. Treasury markets paused after October employment data beat expectations, reviving speculation of a Federal Reserve quarter-point rate hike on December 9. Reuters reported that the Federal Reserve’s case for a December rate hike has strengthened after strong employment data shifted focus back to persistent inflation from concerns about a potential AI-driven slowdown.

Bitcoin futures and market volatility persist

Ether, Solana and BNB remained flat while analysts warned that the brief pause should not be taken as a full recovery without stronger catalysts. Lacking agreement on a restructuring plan, Braskem said that seeking bankruptcy protection has become a realistic option again.