Key Takeaways
- • Binance suffered a $6.3 billion exploit attributed to North Korea-linked hackers by TRM Labs and Elliptic, with around $3 billion of the proceeds frozen and withdrawals on the exchange paused.
- • Crypto futures liquidations jumped fourfold to $1.57 billion, while open interest fell 3% to $136.3 billion, according to CoinDesk's derivatives data.
- • Bitcoin fell to an overnight low of $76,400, its lowest level since Sept. 18, before recovering to near $77,350; ether touched $2,170 before rebounding to around $2,220.
- • Options traders turned defensive, with five of the six highest-volume bitcoin options being puts and the 25-delta skew rising across all time frames in both BTC and ETH.
- • Sentiment weakened, with CoinMarketCap's Fear and Greed index slipping to 36 from 43, while Nasdaq-100 futures fell 2.3% on tech-sector pressure.
Summary
Bitcoin fell to an overnight low of $76,400 on Oct. 30, 2026, its lowest level since Sept. 18, after Binance, the largest crypto exchange, was hit by a $6.3 billion exploit, according to CoinDesk. Bitcoin later recovered to trade near $77,350. Ether momentarily dropped to $2,170 before rebounding to around $2,220. Analytics firms TRM Labs and Elliptic attributed the attack to North Korea-linked hackers. Binance said around $3 billion of the stolen assets has been frozen, and withdrawals on the exchange remain paused.
The hack drove a sharp deleveraging in derivatives markets. Crypto futures liquidations rose fourfold to $1.57 billion, and trading volume increased 74% to $346.1 billion. Open interest fell 3% to $136.3 billion, indicating that traders closed positions and capital exited futures. BTC and ETH accounted for more than half of all liquidations, at $522 million and $361 million respectively. Bitcoin fell 3.1% over 24 hours with open interest down only 1.4%, while ether fell 4% as its open interest dropped 5.8%. Solana and NEAR saw significant open interest declines, and funding rates turned negative in several major contracts, including BNB, SOL, NEAR and TRX, meaning shorts were paying longs. HYPE was an outlier, rising 15% with open interest up 28%.
Options markets showed rising demand for downside protection. Five of the six highest-volume BTC options were puts, led by the $74,000 put expiring Nov. 13. In ether, the $2,000 put expiring Nov. 13 traded at more than twice the volume of any other ETH option. The 25-delta skew rose across all time frames in both assets, and 30-day implied volatility spiked in Asian trading before partly reversing.
The hacker's token activity drove parts of the market's rebound. Ethena gained 8.4%, pepe rose 7.3%, and uniswap added 4.6% after falling around 11% Thursday, when the attacker swapped holdings for ether, according to Lookonchain. Aave froze its lending markets across 16 networks after the exploiter borrowed around $44.6 million of ether against stolen USDT. Thorchain gained 6.2% after Elliptic and ZachXBT traced part of the stolen funds into Ethereum. Broader sentiment deteriorated, with CoinMarketCap's Altcoin Season index falling to 45 from 54.
The hack drove a sharp deleveraging in derivatives markets. Crypto futures liquidations rose fourfold to $1.57 billion, and trading volume increased 74% to $346.1 billion. Open interest fell 3% to $136.3 billion, indicating that traders closed positions and capital exited futures. BTC and ETH accounted for more than half of all liquidations, at $522 million and $361 million respectively. Bitcoin fell 3.1% over 24 hours with open interest down only 1.4%, while ether fell 4% as its open interest dropped 5.8%. Solana and NEAR saw significant open interest declines, and funding rates turned negative in several major contracts, including BNB, SOL, NEAR and TRX, meaning shorts were paying longs. HYPE was an outlier, rising 15% with open interest up 28%.
Options markets showed rising demand for downside protection. Five of the six highest-volume BTC options were puts, led by the $74,000 put expiring Nov. 13. In ether, the $2,000 put expiring Nov. 13 traded at more than twice the volume of any other ETH option. The 25-delta skew rose across all time frames in both assets, and 30-day implied volatility spiked in Asian trading before partly reversing.
The hacker's token activity drove parts of the market's rebound. Ethena gained 8.4%, pepe rose 7.3%, and uniswap added 4.6% after falling around 11% Thursday, when the attacker swapped holdings for ether, according to Lookonchain. Aave froze its lending markets across 16 networks after the exploiter borrowed around $44.6 million of ether against stolen USDT. Thorchain gained 6.2% after Elliptic and ZachXBT traced part of the stolen funds into Ethereum. Broader sentiment deteriorated, with CoinMarketCap's Altcoin Season index falling to 45 from 54.
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