COINDREAM2026-11-04

Bitcoin After the Binance Hack: Early Stabilization, but Is the Market Impact Contained?

1. Net Inflows Return After Heavy Outflows Around Binance’s confirmed October 29 (UTC) hack, the chart shows repeated large net outflows from late October into early November. The largest negative bar reached approximately −22,000 BTC, indicating a substantial disruption to exchange fund flows. However, the latest large bar turned positive, showing approximately +10,500 BTC in net inflows. This may indicate early stabilization, but a single positive observation is insufficient to conclude that capital flight has ended or investor confidence has recovered. Net outflows should also not be equated with executed selling or the amount stolen in the hack. 2. Reserves Partially Recover After a Sharp Decline Binance’s Bitcoin reserves fell from approximately 720,000 BTC before the sharp decline to around 666,000 BTC, before rebounding to the latest reading of 676,100 BTC. Although reserves have recovered roughly 10,000 BTC from the recent low, they remain below their pre-decline level. The current move is therefore best viewed as a partial recovery following a reserve drawdown. Net inflows and rising reserves reflect the same fund movements through flows and balances, so they are not two independent signals of recovering demand. 3. It Is Too Early to Conclude That the Market Impact Was Limited Bitcoin’s latest price on the chart is approximately $78,100, below the September–October rebound highs of around $86,000–$87,000. While fund flows show some improvement, a price recovery has yet to be confirmed.