Analysts do not see a wider crypto market contagion from the $6.3 billion Binance hack. They point to Binance’s pledge to cover user losses as the main reason the damage stayed contained. Martin Lee, market insights lead at DWF Labs, told Cointelegraph there does not seem to be a contagion-type effect because Binance can cover the losses from its balance sheet. He added that investors shifted attention to the US midterm elections.
Outflows slow after withdrawals resume
Binance’s daily net outflows fell to $458 million in the 24 hours before Monday’s publication time. That was down from $6.1 billion on Nov. 2 after withdrawals resumed, according to DefiLlama. The drop in outflows suggests users became less focused on pulling funds from the exchange, though the situation remained closely watched.
The Oct. 29 breach hit Binance hot wallets and attackers took about $6.3 billion, making it the largest crypto hack to date. Bitcoin fell as much as 5.7% over the first five days after the hack. CryptoQuant called that decline modest in its Wednesday report. For comparison, Bitcoin fell roughly 13.6% after the $1.4 billion Bybit hack in 2025 and about 9.9% after the Coincheck hack in 2018. CryptoQuant reviewed 38 past hacks and found at least 14 were followed by steeper Bitcoin declines.
Past exchange hacks had short-lived drawdowns
Lacie Zhang, research lead at Bitget Wallet, told Cointelegraph that major exchange hacks have previously triggered short-lived drawdowns that markets later absorbed as long-term holder demand returned. She said the Binance hack does not represent a structural trend reversal for crypto markets. That view fits the market reaction so far: a sharp drop, then a slower reassessment of the damage.
Bitfinex analysts told Cointelegraph that much of the hack’s impact now looks priced in. They described Bitcoin as trading at an attractive level. Confirmation of a market bottom may depend on the Consumer Price Index reading due on Nov. 10, which will shape the Federal Reserve’s next rate decision. Higher bond yields would put pressure on risk assets, the analysts said.
Market participants priced in an 80% chance that the Federal Reserve will raise rates at its Dec. 9 meeting, up from 69% a month earlier, according to CME Group’s FedWatch tool. Bitcoin fell 2.5% over 24 hours to $74,580 as of 1:21 pm UTC on Monday, according to CoinMarketCap.
