Bitcoin traded between $77,000 and $77,500 overnight, two days after what the article describes as the largest cryptocurrency hack in history. By our market data, as of 15:59 GMT, bitcoin stood at $77,506, up 0.19 percent from the previous close and near its 31-day low.
The hack, a theft from Binance, occurred on Thursday after Wall Street’s close. Large liquidations that evening cleared leveraged positions. Crypto liquidations over 24 hours reached $397.7 million, and liquidations on Friday exceeded $1.5 billion. Long positions made up 77 percent of the liquidated positions.
Outflows from spot funds
US spot bitcoin ETFs recorded net outflows of $643.3 million on Friday. BlackRock’s IBIT accounted for $233.7 million of that, and Fidelity’s FBTC for $201 million. Over the previous four sessions, net flows totalled outflows of $440.8 million.
Ether ETFs also lost money, with $155.9 million leaving on Friday, their fifth consecutive day of outflows. Cumulative net inflows into US spot bitcoin ETFs since launch stand at roughly $57 billion.
Bitcoin dipped to about $76,140 on Friday, its lowest since mid-September, before recovering to about $77,175 the following morning.
Levels in focus
Support at $75,000 has held so far, with buyers returning at that level. Mitchell Askew of Blockware sees $75,000 as the dividing line. If it holds, he told Forbes, bitcoin could return toward $80,000 after the elections.
The Binance hacker still holds about 18,270 BTC, worth roughly $1.4 billion, and those coins cannot be frozen. Binance withdrawals are scheduled to reopen on Sunday morning.
US midterm elections take place on Tuesday. The Fear and Greed index stood at 35 out of 100. Goldman Sachs now expects Federal Reserve rate hikes to resume at the 9 December meeting, after the central bank held its target range at 3.75 to 4 percent on 28 October.
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Data: CoinGecko
