Key takeaways
- Bitcoin trades near $77,000 after Binance security breach
- US spot Bitcoin ETFs lose approximately $643 million
- Traders monitor $75,000 support as market uncertainty persists
Bitcoin is struggling to recover above $77,000 on Saturday, October 31, after a record-breaking Binance security breach triggered widespread cryptocurrency liquidations and renewed withdrawals from US spot Bitcoin exchange-traded funds.
Bitcoin was trading around $77,170 early Saturday, leaving the cryptocurrency approximately 39% below its October 2025 record near $126,000.
Bitcoin ETFs Lose $643 Million as Institutional Demand Weakens
US spot Bitcoin ETFs recorded approximately $643.33 million in net withdrawals on October 30, according to SoSoValue figures cited in Saturday’s market reporting.
BlackRock’s IBIT accounted for approximately $233.7 million, while Fidelity’s FBTC reportedly lost another $201 million.
The withdrawals reversed four consecutive trading sessions of positive flows and demonstrated how quickly institutional demand can deteriorate during periods of market stress.
Coinpaper’s previous Bitcoin price prediction documented the initial decline below $77,000, when approximately $1.53 billion in leveraged cryptocurrency positions were liquidated.
The latest ETF figures introduce another concern beyond derivatives-driven selling: investors in regulated Bitcoin products are also reducing exposure.
Earlier this week, Coinpaper highlighted renewed ETF inflows as a potential stabilizing factor.
Friday’s reversal has weakened that argument, although one session of withdrawals does not necessarily establish a lasting institutional selling trend.
Bitcoin’s decline also coincided with a sharp Nasdaq selloff as investors questioned the profitability of Big Tech’s enormous artificial intelligence investments.
The combination of exchange-specific uncertainty and weaker risk appetite has complicated Bitcoin’s recovery.
Bitcoin Price Prediction: Can BTC Defend $75,000?
Bitcoin’s immediate technical challenge is holding the $76,000–$77,000 area following Friday’s breakdown.
BTC briefly tested approximately $76,300 before recovering toward $77,000, suggesting buyers have shown some interest near the recent low.
However, that rebound remains vulnerable while Bitcoin trades below the $78,000–$78,500 region.
A sustained recovery above $78,500 could reopen a move toward $80,000, which previously served as an important support level.
Beyond that, $82,000–$83,000 represents another potential resistance area where previous recovery attempts encountered selling.
The bearish scenario becomes more relevant if Bitcoin loses $76,000 and fails to recover quickly.
Under those conditions, $75,000 is the next psychological level to monitor, followed by approximately $73,000.
Coinpaper previously examined the $73,000 downside scenario, based on Coinbase-related market analysis.
Meanwhile, Bitfinex had identified the $77,000 support region earlier in the week, before the Binance incident pushed Bitcoin beneath it.
Binance Withdrawal Restart Could Determine Bitcoin’s Next Move
Attention is now shifting toward Binance’s recovery process.
The exchange has said it intends to compensate affected users and is targeting a phased withdrawal restart on November 1, although the timetable remains subject to successful security checks.
According to TRM Labs’ investigation, attackers transferred approximately 18,270 BTC worth $1.47 billion during the breach.
The investigation also identified unauthorized transfers across several other blockchains, making the incident substantially larger than previous cryptocurrency exchange thefts.
