Bitcoin slips to $77,900 as Binance withdrawals hit $3.64 billion
Bitcoin fell 0.4% to about $77,900 as Binance customers withdrew $3.64 billion after withdrawals reopened and crypto ETFs lost $643 million. The flows create a liquidity and confidence test for bitcoin as exchange withdrawals and fund redemptions arrive together.
STOCK PHOTO · JONATHAN BORBAThe story
Bitcoin was trading around $77,900 after falling 0.4% since midnight UTC, according to CoinDesk. Binance customers withdrew a net $3.64 billion after the exchange reopened withdrawals, while exchange-traded funds recorded $643 million in losses.
The move follows the reopening of Binance withdrawals, making the customer outflows part of the immediate market response rather than a routine flow reading. Bitcoin’s price decline was modest relative to the size of the reported withdrawals and ETF losses, but the figures put exchange liquidity and investor demand in the same frame.
Binance is the direct venue affected by the withdrawals, while bitcoin is the asset absorbing the broader market impact. The ETF losses connect fund flows to the price move, although the figures do not establish how much of the Binance outflow was converted into bitcoin selling.
The next read will come from bitcoin’s price response as Binance balances normalize and ETF flows are reported again. The size and persistence of further withdrawals, alongside another day of ETF losses or a reversal, would clarify whether the episode is a one-time release of pent-up demand or a broader reduction in exposure.
Our read · Mon, Nov 2
Bitcoin fell 0.4% to $77,900 as Binance customers withdrew $3.64 billion after withdrawals reopened.
Why. The immediate consequence is a market-liquidity test: $3.64 billion of Binance withdrawals and $643 million of ETF losses arrived alongside only a 0.4% bitcoin decline, leaving the price response sensitive to the next flow readings. The evidence is two-sided because withdrawals can reflect custody changes rather than selling, while continued ETF losses would reinforce the demand concern.
Both cases
What could change this view: The read fails if Binance outflows reverse and ETF flows turn positive while bitcoin holds above $77,900.
Who reported it · 8
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Reported by CoinDesk as Bitcoin eases to $77,900 as Binance customers pull $3.6 billion after withdrawals reopen
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