Original report published by Cointelegraph on November 9, 2026, at 21:52:46 UTC+8.
Binance’s daily net outflows fell to $458 million in the 24 hours leading up to Cointelegraph’s November 9 publication, compared with $6.1 billion on November 2 after withdrawals resumed, according to DefiLlama. The figures show a decline in net outflows, not whether gross withdrawals slowed.
Analysts told Cointelegraph that Binance’s pledge to cover user losses from its $6.3 billion hack helped contain the wider market fallout. Attackers stole about $6.3 billion from the exchange’s hot wallets on October 29, in what the report described as the largest crypto hack to date.
Analysts point to limited contagion
“There doesn’t seem to be any contagion-type effect from the hack, given that Binance is able to cover the losses using its balance sheet,” Martin Lee, market insights lead at DWF Labs, told Cointelegraph. He said investors had shifted their attention to the implications of the US midterm elections.
Bitcoin fell as much as 5.7% in the first five days after the breach—a decline CryptoQuant described as “modest” in its Wednesday report. Its comparison showed Bitcoin falling 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 38 hacks CryptoQuant reviewed were followed by steeper Bitcoin declines than the Binance incident.
Lacie Zhang, research lead at Bitget Wallet, told Cointelegraph that major exchange hacks had previously caused “short-lived drawdowns that markets later absorbed” as long-term holder demand returned. In her assessment, the Binance hack did not represent a “structural trend reversal” for crypto markets.
These comparisons describe market reactions, not user adoption or retention. The reported net-flow figures alone do not establish how many customers stayed with Binance or whether exchange usage recovered.
Inflation and rate expectations remained risks
Bitfinex analysts told Cointelegraph that much of the hack’s impact appeared priced in. They said confirmation of a Bitcoin market bottom depended on the Consumer Price Index reading due November 10, which would inform the Federal Reserve’s next rate decision. They also warned that higher bond yields would pressure risk assets. Those were analyst assessments, not a confirmed bottom.
At the time of the report, the CME Group’s FedWatch tool showed market participants pricing in an 80% chance of a rate increase at the Federal Reserve’s December 9 meeting, up from 69% a month earlier.
Bitcoin was trading at $74,580 as of 1:21 p.m. UTC on November 9, down 2.5% over 24 hours, according to CoinMarketCap.
