Bitcoin falls to $76,400 as Binance hack drives $1.57B in liquidations
Bitcoin hit $76,400 and BNB fell 6% as the $6.3B Binance hack pushed crypto futures liquidations to $1.57B and sentiment gauges into fear territory.
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Hana Kimura
10/30/20262 min read
Bitcoin fell to an overnight low of $76,400 on Friday, its weakest level since Sept. 18, as the fallout from the roughly $6.3 billion Binance hack swept through crypto derivatives markets, according to CoinDesk. Futures liquidations across the market rose about fourfold to $1.57 billion over 24 hours.
By Friday morning in Europe, bitcoin had recovered to about $77,350, still down 3.1% on the day. Ether briefly touched $2,170 before bouncing to around $2,220, a daily loss of 4%. BNB, the token most closely tied to the exchange, was the weakest of the large caps with a 6.2% drop, CoinDesk data show, while crypto.news put it near $707.
Bitcoin positions accounted for $522 million of the liquidations and ether for $361 million. CoinGlass figures cited by crypto.news show that around 239,000 traders were forced out, with long positions absorbing roughly $1.3 billion of the losses. The largest single liquidation was an $11.09 million BTC/USDT position on Binance itself.
Derivatives turn defensive
Futures volume jumped 74% to $346.1 billion, while total open interest slipped 3% to $136.3 billion. Funding rates on BNB, SOL, NEAR and TRX perpetuals turned negative, meaning traders were paying to hold short positions. In options, five of the six most-traded bitcoin contracts were puts, led by the $74,000 strike expiring Nov. 13. The ether $2,000 put for the same date drew more than twice the volume of any other ether option.
Sentiment gauges moved the same way. The Fear & Greed index dropped to 36 from 43, entering fear territory, and CoinMarketCap's Altcoin Season index slid to 45 from 54. A few tokens bucked the trend: Hyperliquid's HYPE rose 15% on an unrelated deal with NYSE owner ICE.
Standard Chartered's Geoffrey Kendrick said he suspects the sell-off "still has some way to go" and that a new price base is likely to form only once frozen assets are released and more details of the attack emerge. Binance withdrawals remained paused on Friday. Tether and Circle said they had frozen more than $1.5 billion in USDT and over $800 million in USDC linked to the incident. US spot bitcoin ETFs still took in $17 million on Thursday, a fourth straight day of inflows, Farside data show.
Source: CoinDesk, crypto.news, CoinGlass, Farside