Binance’s daily net outflows fell to $458 million in the 24 hours leading up to Cointelegraph’s Nov. 9, 2026 publication, down from $6.1 billion on Nov. 2 after withdrawals resumed, according to DefiLlama. Analysts told the publication that the exchange’s pledge to cover user losses helped contain the broader market fallout.
Original publication: Nov. 9, 2026, at 21:52:46 UTC+8. This article reflects the reporting and market conditions at that time.
Loss coverage helped contain the shock
Attackers stole about $6.3 billion from Binance hot wallets in the Oct. 29 breach, which Cointelegraph described as the largest crypto hack to date.
“There doesn’t seem to be any contagion-type effect from the hack, given that Binance is able to cover the losses using its balance sheet,” Martin Lee, market insights lead at DWF Labs, told Cointelegraph. He said investors had shifted their attention to the implications of the US midterm elections.
The decline in daily net outflows measures the balance between funds entering and leaving the exchange. It does not, by itself, establish that withdrawals slowed.
Bitcoin’s decline was smaller than after some earlier hacks
Bitcoin fell as much as 5.7% over the first five days following the breach. CryptoQuant described that decline as “modest” in its Wednesday report.
For comparison, Bitcoin fell roughly 13.6% after the $1.4 billion Bybit hack in 2025 and about 9.9% after the Coincheck hack in 2018. At least 14 of the 38 hacks CryptoQuant reviewed were followed by steeper Bitcoin declines than the one following the Binance breach.
Those figures compare price moves after the incidents; they do not establish that the hacks alone caused the declines. The Binance incident also involved a larger reported theft than the Bybit breach, yet a smaller subsequent Bitcoin drawdown.
Lacie Zhang, research lead at Bitget Wallet, told Cointelegraph that major exchange hacks had previously produced “short-lived drawdowns that markets later absorbed” as long-term holder demand returned. In her assessment, the Binance hack did not represent a “structural trend reversal” for crypto markets.
Attention turned to inflation and interest rates
Bitfinex analysts told Cointelegraph that much of the hack’s impact appeared priced in. They argued that confirmation of a Bitcoin bottom depended on the US Consumer Price Index release scheduled for Nov. 10, which would help shape the Federal Reserve’s next rate decision. They also warned that higher bond yields would pressure risk assets. Those were analyst assessments, not confirmation that a bottom had formed.
At the time of the report, CME Group’s FedWatch tool showed an 80% probability of a rate increase at the Fed’s Dec. 9 meeting, up from 69% a month earlier.
Bitcoin was trading at $74,580 as of 1:21 p.m. UTC on Monday, Nov. 9, down 2.5% over 24 hours, according to CoinMarketCap.
