Karla Barker 
Market analysts say Binance’s pledge to cover user losses from the $6.3 billion breach has helped contain the damage from spreading across crypto markets. The exchange said it would use its balance sheet to backstop affected users after attackers drained hot wallets on Oct. 29, a move that appears to have calmed traders, at least for now.
Binance covers losses
Martin Lee, market insights lead at DWF Labs, told Cointelegraph there does not seem to be any contagion-type effect from the hack. He said Binance can cover the losses from its own balance sheet. Investors, he added, have turned their attention to the US midterm elections and what they might mean for policy.
Withdrawal data points to easing pressure. Binance’s daily net outflows fell to $458 million in the 24 hours before Monday’s publication time, according to DefiLlama. That was down from $6.1 billion on Nov. 2, after withdrawals resumed. The drop does not erase the hit to confidence, but it does suggest the immediate run on the exchange has slowed.
Bitcoin drawdown stays modest
The Oct. 29 breach is the largest crypto hack to date. Attackers stole about $6.3 billion from Binance hot wallets. Bitcoin fell as much as 5.7% over the first five days after the hack. CryptoQuant called that decline modest in its Wednesday report.
History offers a mixed picture. Bitcoin fell roughly 13.6% after the $1.4 billion Bybit hack in 2025 and about 9.9% after the Coincheck hack in 2018. At least 14 of the past 38 hacks CryptoQuant reviewed were followed by steeper Bitcoin declines. So the Binance reaction was not the worst, but it was not nothing either.
Lacie Zhang, research lead at Bitget Wallet, told Cointelegraph that major exchange hacks have previously triggered short-lived drawdowns that markets later absorbed as long-term holder demand returned. She said the Binance hack does not represent a structural trend reversal for crypto markets.
CPI and Fed decision take focus
Bitfinex analysts told Cointelegraph that much of the hack’s impact now looks priced in, with Bitcoin trading at an attractive level. Confirmation of a market bottom may depend on the Consumer Price Index reading due on Nov. 10, which will shape the Federal Reserve’s next rate decision. Higher bond yields would put pressure on risk assets.
Market participants priced in an 80% chance that the Federal Reserve will raise rates at its Dec. 9 meeting, up from 69% a month earlier, according to CME Group’s FedWatch tool. Bitcoin fell 2.5% over 24 hours to $74,580 as of 1:21 pm UTC on Monday, according to CoinMarketCap.