Bitcoin Holds Near $78,000 as ETF Outflows and Binance Hack Weigh on Price
Bitcoin traded near $78,000 on November 2 after U.S. spot Bitcoin ETFs recorded $643.3 million in net outflows on Friday, their largest single-day outflow since June 25. The price sits inside a $75K-$78K demand zone that technical analysts say will determine whether the September rally structure holds.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
Price and ETF Flows
Bitcoin traded at $78,210 on Monday, November 2, according to 99Bitcoins, after U.S. spot Bitcoin ETFs shed $643.3 million on Friday. That was the largest one-day outflow for the funds since June 25. CryptoPotato reports that Bitcoin posted its fourth straight weekly loss, with sentiment pressured by the Binance hack and the ETF redemptions.
The Binance Hack and Security Concerns
The price drop followed a Binance security breach that both outlets identify as the main driver of sentiment last week. 99Bitcoins quotes OneKey's founder warning that North Korean hackers may already have BlackRock's IBIT, the largest spot Bitcoin ETF, on their target list. The warning is a claim about intent and has not been confirmed by any reported on-chain or filing evidence in the sources reviewed.
Technical Structure
CryptoPotato's technical analysis places Bitcoin inside a broad ascending channel that has guided the recovery from summer lows near $58K. Last week's sell-off pushed price below the channel midline near $82K. The $75K-$78K order block, which formed the base of the September rally, is now the key support. The analysis says a daily close below $75K would expose the channel's lower boundary near $73K, while a move back above $79K could bring the $80K-$82K supply zone into play.
On-Chain Velocity
CryptoPotato cites CryptoQuant data showing Bitcoin velocity, a measure of how quickly coins circulate relative to total supply, rising to approximately 14.6 from about 12.1 in October 2025. The metric had been falling through the rally to the all-time high near $125K. Analysts read the reversal as previously dormant coins re-entering circulation, which weakens the supply-squeeze thesis behind the earlier rally. The source notes that velocity alone does not show whether holders are buying or selling.
Source Disagreement and Open Questions
The two sources differ in framing rather than in headline figures. 99Bitcoins treats the ETF outflows as the primary story and the hack as a risk to the funds. CryptoPotato treats the price structure and on-chain supply behavior as the main signal. Neither source provides a verified claim that the IBIT fund has been targeted.
Why It Matters
For Traders
The $75K-$78K zone is the level both sources identify as decisive, so a daily close below $75K would shift the short-term setup toward the $73K channel boundary.
For Investors
Four straight weekly losses and $643.3 million in ETF outflows test whether institutional demand through spot ETFs can absorb the post-September sell-off.
For Builders
The Binance breach and the warning about ETF custody targeting highlight that custodial and exchange security remain the weakest links in Bitcoin's institutional infrastructure.
This article is for information only and is not financial advice. Read the full disclaimer.
