Binance, the world’s largest cryptocurrency exchange by market capitalization, reopened its withdrawal service at 06:00 UTC. Within the first nine and a half hours, users requested $4.649 billion in withdrawals while deposits amounted to $1.01 billion, creating a net outflow of approximately $3.64 billion. The exchange said this represents about 2.1% of its $171 billion in assets under management, based on its October 28 proof‑of‑reserves data.
Withdrawal process and subsequent activity
The exchange restored all 15 networks and assets included in the initial phase within five hours of the restart. Binance noted that withdrawal activity surged immediately after services resumed, then tapered and began to stabilize, while deposit volumes remained relatively steady. The firm continues to test remaining networks and assets before proceeding with the next phase of restoration.
Context of the recent hack
The reopening follows a $6.3 billion hack that caused Bitcoin to fall from $81,000 to a six‑week low of $76,000, triggering $1.5 billion in liquidations. Binance pledged to absorb the losses and has reportedly replenished about 95% of the affected assets.
Bitcoin’s price stability
Despite the security breach and large outflows, Bitcoin remained near $78,000. Some analysts compared the situation to the market’s reaction after the 2022 FTX collapse, when Bitcoin fell to around $16,000 but did not decline further. One analyst described the lack of additional selling as a bullish signal, noting the similarity to the post‑FTX price behavior.
