Bitcoin steadies near $78,000 as crypto stocks shrug off the Binance hack

Monday's market open gave a clean read on how fast crypto markets can absorb a shock. Four days after the largest crypto exchange hack on record, Bitcoin opened the week trading around $77,950, and several crypto-linked equities were moving higher in premarket action before the 9:30am ET bell.

Not financial advice. This is a snapshot of what happened in the market, not a recommendation to buy or sell anything.

What happened: the Binance hack, in numbers

On Thursday, October 29, Binance was hit by what researchers and the FBI have attributed to North Korea's Lazarus Group (tracked under the alias TraderTraitor). The attackers drained roughly $6.3 billion from the exchange's hot wallets, making it the largest crypto exchange hack to date, larger than the 2022 FTX collapse in dollar terms of stolen assets.

Binance froze withdrawals while it ran security checks, then began restoring them progressively starting Sunday, November 1. The exchange says it has already replaced about 95% of the stolen funds from its own corporate treasury, futures insurance fund and emergency reserves, with the remaining 5% described as "less liquid" and slower to source. In the first nine and a half hours after withdrawals reopened, Binance recorded about $3.64 billion in net outflows, consistent with nervous users moving funds to cold storage or other venues rather than a fresh run on the exchange.

The immediate price reaction was sharp: Bitcoin fell from roughly $81,000 to a six-week low near $76,100 between Wednesday and Friday, and CoinGlass data put futures liquidations across the market at around $1.5 billion in the hours after the breach, with BNB and XRP each posting peak declines near 7% and MSTR falling about 6% in extended trading the same night, even though neither Strategy nor Coinbase has any direct exposure to Binance's balance sheet.

The recovery: back above $77,000-$78,000

By Sunday night and into Monday's Asia and European sessions, Bitcoin had clawed back most of the hack-driven drawdown, trading in a $77,300-$78,850 range and sitting around $77,950-$78,170 as the US session approached, according to data aggregated by The Block and CoinGecko. Ether moved in step, trading near $2,280-$2,300, up a bit over 1% on the day. The total crypto market capitalization stood near $2.68 trillion.

It was not a full rebound. Spot Bitcoin ETFs recorded $643.3 million in net outflows on Friday, their largest single-day outflow in four months, and ether ETFs saw a further $155.7 million leave. Industry analysts framed this less as panic and more as a "sentiment shock": spot ETF holders have no direct exposure to Binance, since the underlying coins sit with regulated custodians, and the Friday outflow is modest next to the roughly $98 billion in total spot Bitcoin ETF assets.

The equities side: Strategy and Coinbase move opposite ways across the week

This is the part that makes Monday's open worth watching closely. Crypto-linked US equities had a rough prior week, Strategy (MSTR) fell about 7.8% to $130.51 on Friday and Coinbase (COIN) dropped roughly 11% after its own earnings showed trading revenue shrinking even as investment gains carried the bottom line. Over the twenty trading sessions before the hack, Coinbase was down about 15% and Strategy about 12%, so the hack landed on an already-weak tape.

Yet by Monday's premarket, sentiment had flipped. According to trading-floor data reported before the open, Strategy was indicated up around 3.1%, alongside gains for Bitmine Immersion Technologies (BMNR, +2.95%), SharpLink Gaming (SBET, +3.12%) and Circle (CRCL, +1.95%). Coinbase traded closer to flat, down about 0.3%, a reminder that the hack and the earnings miss are two separate stories investors are pricing differently.

Strategy's own executive chairman, Michael Saylor, pointed to a different set of headwinds weighing on Bitcoin's broader recovery this cycle: rising Treasury yields, trade-policy uncertainty, and the roughly $1 trillion AI infrastructure build-out competing for capital. Strategy still holds 848,517 BTC worth close to $65.9 billion, trading at around a 1.12x premium to that treasury's net asset value, within its 52-week range of 0.98x-1.33x.

The broader premarket tape also showed AI infrastructure and semiconductor names recovering some ground after Friday's sharp Nasdaq selloff (the index's worst session since March 2025, driven partly by Intel's near-30% single-day drop): Micron, SanDisk, Western Digital, Nvidia and AMD were all indicated higher by roughly 1-3% as traders rotated back into chip names.

Why this matters beyond one trading day

The interesting structural story here isn't the hack itself, exchange breaches are an old risk in crypto. It's how quickly the market segmented the news: a centralized-exchange security failure hit exchange tokens and leveraged futures hardest and fastest, spot Bitcoin held up comparatively well, ETFs saw outflows that look more like caution than capitulation, and crypto-adjacent equities diverged from each other based on their own earnings and balance-sheet stories rather than moving as one undifferentiated "crypto stock" basket.

That's a more mature market reaction than crypto has historically produced after a major hack, and it's happening in the same week that tokenized equities, instruments that let investors trade exposure to stocks like Tesla, Apple and Nvidia around the clock on crypto-native rails, continue expanding through platforms like Kraken's xStocks and Securitize's Solana-based offering. Traditional market hours and always-on crypto markets are increasingly reacting to the same information in real time, which is exactly the kind of collision point worth watching as these two worlds continue to merge.

Prices and figures are from CoinGecko, The Block, CNBC, BlockBeats and Saxo Bank market notes as of Monday, November 2, 2026 premarket/early session. Nothing in this article is financial advice.