Bitcoin steadies near $78,000 as Binance withdrawals test cryptocurrency market confidence

Bitcoin traded in a narrow range on Monday, November 2, as investors assessed the fallout from last week's record Binance security breach, while Ethereum recovered modestly and several major altcoins remained under pressure.

The cryptocurrency market showed signs of stabilization after Friday's selloff, although substantial withdrawals from Binance and renewed outflows from US Bitcoin exchange-traded funds continued to weigh on sentiment.

Price overview

Bitcoin traded around $77,787, down approximately 0.58%, while ethereum gained 0.45% to $2,283.28.

Solana declined 0.52% to $93.94, while BNB slipped 1.10% to $705, as XRP traded near $1.248.

Binance withdrawals raise concerns

Binance resumed customer withdrawals on Sunday following the security breach that affected approximately $6.3 billion in digital assets.

Customers withdrew a net $3.64 billion after services resumed, although the exchange said it had covered approximately 95% of the stolen assets.

The withdrawals highlighted lingering concerns about centralized exchanges, even as trading operations gradually returned to normal.

Bitcoin ETFs record heavy outflows

US spot Bitcoin exchange-traded funds recorded approximately $643 million in net outflows on Friday, their largest daily withdrawal since June.

The reversal erased four consecutive sessions of inflows, suggesting institutional investors remained cautious following the security incident.

US elections and jobs report in focus

Investors are preparing for Tuesday's US midterm elections and Friday's employment report, both of which could influence risk appetite and expectations for Federal Reserve monetary policy.

Market outlook

Bitcoin faces immediate resistance around $78,700, followed by $80,000, while support stands near $77,000.

A sustained recovery will depend on whether withdrawals from Binance stabilize and institutional demand returns following last week's disruption.