Historical snapshot: Cointelegraph published the original report on Nov. 9, 2026, at 21:52:46 UTC+8. Figures and analyst assessments below reflect that reporting window.
Exchange outflows slowed
Binance’s net outflows totaled $458 million in the 24 hours leading up to publication, down from $6.1 billion on Nov. 2 after withdrawals resumed, according to DefiLlama.
The exchange had pledged to cover user losses after attackers stole about $6.3 billion from its hot wallets on Oct. 29. Cointelegraph described the breach as the largest crypto hack to date.
Martin Lee, market insights lead at DWF Labs, told Cointelegraph that there did not appear to be a contagion effect because Binance could cover the losses using its balance sheet. He said investors had shifted their attention to the implications of the US midterm elections. That was an analyst assessment of the fallout, not evidence that all risks had passed.
Bitcoin’s initial drawdown was smaller than several historical cases
Bitcoin fell as much as 5.7% during the first five days after the breach, a move CryptoQuant described as “modest” in its Wednesday report. Its comparison included declines of roughly 13.6% after the $1.4 billion Bybit hack in 2025 and 9.9% after the Coincheck hack in 2018. At least 14 of the 38 hacks CryptoQuant reviewed were followed by larger Bitcoin declines than the Binance incident.
Lacie Zhang, research lead at Bitget Wallet, told Cointelegraph that major exchange hacks had previously produced short-lived drawdowns that markets later absorbed as long-term holder demand returned. In her assessment, the Binance breach did not represent a “structural trend reversal” for crypto markets.
The comparison describes price performance following those incidents; it does not establish that the hacks alone caused the declines or determine what would happen next.
Macro uncertainty remained
Separately from the five-day post-hack comparison, Bitcoin was down 2.5% over 24 hours to $74,580 at 13:21 UTC on Nov. 9, according to CoinMarketCap.
Bitfinex analysts told Cointelegraph that much of the hack’s impact appeared priced in and characterized Bitcoin’s level as “attractive.” They argued that confirmation of a market bottom depended on the Nov. 10 Consumer Price Index release, which would influence the Federal Reserve’s next rate decision. They also warned that higher bond yields would pressure risk assets. Those were conditional market views, not a confirmed bottom.
At the time of the report, CME Group’s FedWatch tool showed an 80% market-implied probability of a rate increase at the Fed’s Dec. 9 meeting, compared with 69% a month earlier.
The snapshot therefore showed easing exchange outflows alongside continued Bitcoin weakness and interest-rate uncertainty. Slower withdrawals supported the analysts’ assessment of contained spillover, but did not by itself establish a broader market recovery.