November 2, 2026
Bonus Content: Binance Customers Pulled $3.64 Billion in One Day
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Iraq, 2002: down 28.5%.
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“The Buck Stops Here,”
Kelly Maguire
Behind the Markets
Binance Customers Pulled $3.64 Billion in One Day
Market Snapshot
Bitcoin is trading near $77,900 this morning, a remarkably composed response to one of the worst weeks in crypto exchange history. Bitcoin was around $77,900 to $78,000 as of early November 2. The muted price action matters: it tells you the market has decided, for now, that the Binance crisis is a single-exchange problem rather than a systemic one.
Stocks in Focus
Binance / BNB / COIN / HOOD
Binance recorded $3.64 billion in net outflows after resuming withdrawals on Sunday following the roughly $6.3 billion hack, representing about 2.1% of its $171 billion in total assets. To put that in context: a bank-run-scale event on paper, but the exchange processed it without seizing up. In the first nine and a half hours, Binance processed $4.649 billion in withdrawals against $1.01 billion in deposits.
The outflow number has continued to climb. Binance recorded roughly $6 billion in net outflows over about 24 hours after reopening withdrawals, though the exchange says activity is stabilizing, with the outflows representing a fraction of its roughly $171 billion in customer assets.
Binance began restoring withdrawals in phases at 06:00 UTC on November 1, and by 12:36 UTC, withdrawals had resumed for all 15 networks and assets in the initial phase. Binance said it had replenished approximately 90% of the assets affected by the hack, with the remainder consisting largely of less liquid tokens that take longer to acquire.
The funds came from part of the SAFU reserve, part of the futures insurance fund, and Binance’s corporate treasury. For COIN and HOOD, the initial hack-day selloff was severe. With Bitcoin stabilized and outflows decelerating, crypto-linked equities are watching Tuesday’s reserves report for their next directional cue.
Exchange-run dynamics have precedent in crypto-adjacent banking. Crypto-focused banks that absorbed sudden deposit flight showed how quickly stabilization claims can unravel when the liability side is incomplete.
Catalyst Calendar
November 3: Binance Proof-of-Reserves Report (Binary for Crypto-Linked Names)
This is tomorrow’s most consequential event for the sector. Binance says a full proof is expected by November 3, which is the cryptographic piece that would let users independently verify their own balances are included in the reserves. A full backing claim on October 31 is a statement; a checkable proof on November 3 is evidence.
The proof of reserves was originally promised for Monday by co-CEO Richard Teng, but Binance’s latest update says the full proof will be ready by Tuesday, November 3, because it takes 40 to 50 hours of computation to generate. The one-day slip has already attracted scrutiny.
Risk Radar
- Reserves report miss or qualification. Proof of reserves shows assets on hand at a moment in time, and its value depends on the liabilities side being complete and accurate. Any gap between Binance’s recovery claim and what the cryptographic proof shows will hit BNB and crypto-adjacent equities hard.
- Remaining 10% resolution. The remainder of unreplenished assets consists largely of less liquid tokens that take longer to acquire, meaning a clean November 3 report still leaves a residual tail risk.
- Geopolitical escalation. The FBI formally attributed the attack to North Korea’s “TraderTraitor” cyber campaign. Any government response could introduce event risk for the broader crypto market.
The Cheat Sheet
Top Market Theme: Binance processed a $3.64 billion net exodus on day one of reopened withdrawals and Bitcoin barely moved, but the exchange’s credibility now hinges on a proof-of-reserves report due tomorrow.
Stock to Watch: COIN. It sold off sharply on the hack day and has since partially recovered alongside stabilizing Bitcoin. A clean reserves report is a relief catalyst; a flawed one reopens the lows.
Sector to Watch: Crypto-linked equities (COIN, HOOD, MSTR). All sold off sharply on October 30 and are tethered to tomorrow’s outcome more than to Bitcoin’s spot price today.
Biggest Risk: The November 3 proof arrives late or with qualifications. That transforms today’s orderly outflow story into a renewed confidence crisis.
One Thing to Remember: Binance’s co-CEO called the situation under control. The market has provisionally agreed. Tomorrow’s proof-of-reserves report is when that agreement gets tested against math rather than management statements.
