Bitcoin Slips to $77,900 as Binance Outflows and ETF Selling Weigh on Price
Bitcoin fell 0.4% to around $77,900 after Binance customers pulled a net $3.64 billion in the first nine and a half hours after withdrawals reopened. U.S. spot Bitcoin ETFs also recorded $643 million in outflows on Friday, adding to sell-side pressure following Binance's reported $6.3 billion hack.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
Price Action and Exchange Flows
Bitcoin fell 0.4% to around $77,900 since midnight UTC, according to CoinDesk. The decline came as Binance customers withdrew a net $3.64 billion after the exchange reopened withdrawals, per the same report.
Bitcoinist reported the outflow figure over the first nine and a half hours after withdrawals resumed and tied it to the fallout from a $6.3 billion hack at Binance. The two outlets agree on the price level, the percentage move and the net outflow amount, which suggests the core figures are consistent across reporting.
ETF Redemptions Add Pressure
U.S. spot Bitcoin ETFs recorded $643 million in outflows on Friday, Bitcoinist reported. Neither source characterized the ETF figure as a driver of the day's move alone, but both framed it as additional selling pressure alongside the exchange withdrawals.
Source Discrepancies
The two sources differ in how they describe the timing of the Binance outflows. CoinDesk frames the $3.64 billion figure as a running total since midnight UTC for the day, while Bitcoinist describes it as the net amount over the first nine and a half hours after withdrawals reopened. These are not necessarily contradictory, but readers should note the measurement windows differ.
The $6.3 billion hack figure appears only in the Bitcoinist report. CoinDesk does not reference the hack amount in the material reviewed, so that specific number is attributed to Bitcoinist alone.
Open Questions
The sources do not establish whether the outflows reflect a lasting loss of confidence in Binance or a temporary rebalancing by customers once withdrawals resumed. Further on-chain flow data and ETF creation and redemption disclosures would be needed to assess the trend.
Why It Matters
For Traders
Exchange outflows and ETF redemptions on the same day point to near-term selling pressure, so position sizing and stop placement deserve a fresh look around the $77,900 level.
For Investors
Sustained outflows from a major exchange after a security incident could signal a longer-term shift in custody preferences that merits monitoring over several months.
For Builders
A $6.3 billion exchange hack and the subsequent withdrawal pause underline the value of custody redundancy and clear withdrawal-state communication in any product that depends on exchange liquidity.
This article is for information only and is not financial advice. Read the full disclaimer.
