Week ahead
Times are US Eastern. Sources: US Bureau of Labor Statistics, Federal Reserve.
Markets
Bitcoin ended the week near $77,908, down 3.5%, while Ether closed around $2,264, down 3.9%. Both fell sharply after Binance disclosed on 29 October that attackers, later tied by the FBI and blockchain investigators to North Korea's TraderTraitor group, drained roughly $6.3 billion in what is being called the largest crypto hack on record. Bitcoin briefly traded below $77,000 as the exploit combined with a broader tech-sector selloff and a hawkish Fed hold on rates; total crypto liquidations reached $1.57 billion as leveraged Bitcoin, Ether and XRP positions were wiped out. Earlier in the week Bitcoin had touched $81,500 on stronger-than-expected US GDP data before the hack reversed sentiment. Binance said it has set aside $6.34 billion to cover losses and has restored roughly 90% of stolen assets, restarting Bitcoin withdrawals in phases from Sunday. The broader market cap fell to $2.61T, down 2.4%, with the Fear and Greed Index at 36, reflecting fear.
Movers
Top gainers, 7 days
HYPE▲ 13.8%
PEPE▲ 10.8%
MORPHO▲ 8.2%
Top losers, 7 days
WLD▼ 14.9%
ENA▼ 11.6%
VVV▼ 9.0%
Top 50 coins by market cap, stablecoins excluded.
Hyperliquid's HYPE led gainers, up 13.8% after NYSE owner ICE moved to bring its perpetual futures to the US. Worldcoin's WLD fell hardest among majors, down 14.9%, as risk appetite for smaller tokens weakened alongside the broader selloff triggered by the Binance hack.
ETFs & institutional
US spot Bitcoin ETFs saw net outflows of $203 million over the week despite inflows on 4 of 5 trading days, as the Binance hack pushed some investors toward the exits; total ETF assets stand at $98.5 billion. Reports indicated hedge funds had already been reducing ETF exposure before the hack, with sovereign wealth funds stepping in as replacement buyers. Strategy reported $19.5 billion in Q3 net income and shareholders approved daily dividends on preferred stock, while Coinbase posted a $719 million Q3 profit even as Robinhood's crypto revenue fell 55%.
Regulation & policy
The FBI formally attributed the Binance hack to North Korea and asked the DeFi community to block related Bitcoin, Ether and Solana addresses, while the US Treasury sanctioned 11 individuals over a North Korean IT worker scheme. Utah filed felony charges against prediction platform Kalshi and its co-founders over alleged illegal gambling. The French Senate adopted a bill for automatic sharing of crypto tax data, and the Bank of England opened a consultation on tokenized collateral for clearing.
Stablecoins
Total stablecoin market capitalisation fell 1.4% to $298.8 billion, with USDT at $179.9 billion and USDC at $71.5 billion; Circle froze $823 million and Tether froze a reported $1.8 billion linked to the Binance hack. Tether separately reported Q3 profit of $1.5 billion with excess reserves nearly doubling to $8 billion.
What we’re watching
Markets head into the US JOLTS job openings report on Tuesday and the non-farm payrolls release on Friday, both closely watched after the Fed's hawkish hold raised the prospect of a December rate decision. Continued scrutiny of Binance's phased withdrawal restart and any further details on the scale of recovered funds will also stay in focus.
For information only. Not investment advice, an offer or a solicitation to buy or sell any asset. Prices are approximate as of the date above.