Bitcoin price climbs toward $79,000 as markets shake off the Binance hack, midterms in focus

2 Nov 2026

2 Nov 2026, 06:06 UTC+01:00

Markets TradeReviewed News Desk

Bitcoin price action turned calmer at the start of the week. BTC rose about 1% to roughly $78,600 in Monday morning Asian hours on Nov. 2, its third straight day of gains, CoinDesk reported. It had dipped to about $77,600 late Sunday before buyers pushed it back above $78,500 within hours. The move comes after last week’s $6.3 billion Binance hack, the largest theft from a crypto exchange on record, knocked prices lower.

Majors and macro

Zcash (ZEC) led the majors with a gain of about 3% to nearly $1,280. Ether and BNB each added nearly 2%, with ETH just above $2,300 and BNB at about $713. XRP and TRX rose about 1%, while SOL barely moved at about $95, according to CoinDesk data.

Traditional markets also steadied. The Nasdaq 100 fell 3.5% on Friday, its worst day since June, and the Philadelphia Semiconductor Index dropped 7%. On Monday, S&P 500 and Nasdaq 100 futures climbed at least 0.4%. Brent crude fell 3% to about $110 a barrel after a report that President Donald Trump wants to give diplomacy with Iran more time, and gold rose about 1% to roughly $3,910 an ounce.

ETF outflows: sentiment shock or capitulation?

US spot bitcoin ETFs recorded $643.3 million in net outflows on Friday, their largest single day since June 25, according to SoSoValue data cited by The Block. Spot ether ETFs lost $155.9 million, their largest since Oct. 7. We covered the flows in detail in our bitcoin ETF outflows report.

Analysts quoted by The Block played down the move. Laevitas head of markets Rick Maeda said the outflow was under 1% of spot BTC ETF assets of $98.14 billion, calling it “simply a de-risking day, and not capitulation”. ViaBTC chief analyst Jeff Ko called it a “sentiment shock”, noting ETF holders have no direct exposure to Binance. The Crypto Fear and Greed Index stood at 37 on Sunday, in fear territory.

Meanwhile, Binance reopened withdrawals on Sunday and reported about $3.64 billion in net outflows in the first nine and a half hours (our report).

What traders are watching

• US midterms: polls close Tuesday night US time, so results start landing during Wednesday’s Asian session. Ko said the balance of power in Congress could shape how crypto market structure legislation moves.
• Rates: BTSE COO Jeff Mei told CoinDesk that macro pressures are likely to keep interest rates high, which “will weigh on liquidity for Bitcoin and other cryptocurrencies over the next few months”.
• Hack headlines: Maeda expects markets to stay headline-sensitive as updates on the Binance hack arrive.

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Sources

• CoinDesk: Bitcoin claws back toward $79,000 as markets shake off crypto's biggest hack
• The Block: Spot bitcoin ETFs see largest daily outflows in four months following record Binance hack

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