Bitcoin steadies near US$78,000 as crypto market rebuilds after Binance hack - Yahoo Finance Australia

The global cryptocurrency market was valued at approximately US$2.68 trillion, with Bitcoin accounting for about 58% of total market capitalisation. Other major cryptocurrencies were also relatively stable, with Ethereum around US$2,268, BNB near US$709, XRP at US$1.25, Solana around US$94 and Dogecoin near US$0.075.

Binance withdrawals resume

Sentiment improved after Binance began progressively restoring withdrawals on November 1 following security checks. The exchange said withdrawals were being reopened across major networks including Bitcoin, Ethereum, Solana, XRP and BNB.

Binance also said it had replenished about 95% of the assets affected by the breach and that major holdings including BTC, ETH, USDT, BNB, SOL and XRP were fully backed.

ETF selling weighs on rebound

Institutional flows remain a headwind, with US spot Bitcoin exchange-traded funds recording US$643.2 million in net outflows on October 30, reversing inflows earlier in the week. Ethereum ETFs recorded another US$155.7 million in withdrawals on the same day, extending a run of weak flows for the second-largest cryptocurrency.

Altcoins remain subdued

Major altcoins have also steadied but remain well below levels seen earlier in October. Solana remains below US$100, while Ethereum is struggling to build sustained momentum above US$2,250. BNB has recovered towards US$710 despite Binance remaining at the centre of the market's attention.

What to watch

Bitcoin's immediate test is whether it can reclaim and hold above US$80,000 after finding support near the US$76,000-US$77,000 region. ETF flows, Binance's continued recovery and broader risk appetite are likely to dictate direction in the near term, with traders still showing greater caution following last week's leverage washout.