The day in one breath: Tuesday was the first day the Binance story turned: deposits beat withdrawals by the hour, phase two opened withdrawals on nine more networks, and the co-CEO promised a post-mortem — while US bitcoin ETFs posted their worst two-session outflow run of the hack week, and a French bank was named in a second, separate nine-figure theft.
Context: BTC closed $77,385 (+0.9%) on Nov 3 (CoinGecko daily close) — Fear & Greed 34 (Fear).
#1 — Binance's flows turned. Deposits beat withdrawals — and phase two opened.
What happened: Binance's sixth recovery update started the second withdrawal phase at 04:00 UTC on Tuesday: more than a hundred asset-and-network pairs across nine networks — BNB Smart Chain, Ethereum, Solana, XRP Ledger, Sui, Arbitrum, Optimism, Tron and Base — each switched on only after its own security and readiness checks, in an order set by user demand. Fiat withdrawals had already widened on Monday (US dollar, UAE dirham, Vietnamese dong, Philippine peso and Indonesian rupiah, on top of 23 currencies already live). The bigger news was the flow chart Binance published alongside it: by 03:00 UTC, hourly deposits were exceeding withdrawals, and the last hourly interval showed about $193 million in against $183 million out. The cumulative picture is still a hole: across the 46 hours from November 1 to 3, Binance's own chart counts $10.97 billion withdrawn against $5.70 billion deposited — a net outflow of about $5.28 billion, with the worst single hour ($1.24 billion out) back on Sunday morning. DefiLlama's read, via Cointelegraph, has Monday's net outflow at $2.57 billion, down from $6.1 billion on Sunday. Reuters reported Binance's own customer tally as a net $4.72 billion withdrawn as of Monday — about 3% of platform assets — and co-CEO Richard Teng told Hong Kong Fintech Week on Tuesday that hourly flows had "pretty much normalised," that the company is in "very strong financial health," and that a post-mortem of the $6.3 billion heist will be released in due course. Replenishment still stands at about 95%, with the last 5% in less-liquid tokens still being sourced. The next reserves snapshot is set for Wednesday, November 4, covering more tokens, with its zero-knowledge proof again expected to take 40 to 50 hours.
Why it matters: An hourly turn is not a recovery, and Binance's two tallies show why the snapshot matters: the $4.72 billion (as of Monday, per Reuters) and the $5.28 billion cumulative net outflow (through Tuesday morning, per Binance's chart) are different windows on the same river — the November 4 snapshot is the first document that can corroborate either. The other Tuesday development explains why the bill lands where it lands: Bloomberg Law reported Binance carries directors-and-officers cover but has been unable to obtain cyber insurance, and the FBI's North Korea attribution could complicate any claim under state-backed-attack exclusions — so the $6.3 billion is a balance-sheet problem, not an insurance payout, which makes "very strong financial health" the exact claim the reserves have to keep proving. The contrast wrote itself: OKX's 49th proof of reserves (November 1 snapshot) showed customer bitcoin up 13,800 BTC in a month, to 156,609 BTC backed at 108% — the rival spent hack month advertising a boring monthly proof while Binance rebuilds the same trust from a hole.
Source: Reuters — Binance co-CEO says company is in very strong financial health after $6.3 billion heist; phase two and DefiLlama outflows via Cointelegraph — Binance Starts Second Withdrawal Phase After $6.3B Hack; hourly flow chart and deposit turn via Binance's Nov 3 update as reported by BraveNewCoin; insurance via CryptoBriefing — Binance may recover little of $6.3B hack losses through insurance (citing Bloomberg Law); OKX proof of reserves via Bitcoin.com News
#2 — IBIT bled $405 million in a day. The ETF complex lost $1 billion in two sessions.
What happened: The flow figures that landed Tuesday morning were for Monday's session, and they were ugly in one specific place: US spot bitcoin ETFs recorded $398.6 million in net outflows, and BlackRock's IBIT alone accounted for $405.3 million of it — more than the whole complex — its largest single-day outflow since June 26, when investors pulled $444.5 million. Fidelity's FBTC took in $6.7 million; almost everything else was flat. Stacked on Friday's $643.3 million withdrawal, the complex has now shed more than $1 billion in two sessions, after $515 million of net outflows across October. Ether ETFs had their own bad Monday: about $140 million out, a sixth straight day of outflows, following a record $1.61 billion in October outflows. The price refused to follow the flows down for long — bitcoin dipped below $76,400 on Monday, its lowest since August, then closed Tuesday up 0.9% at $77,385 — and the first prints for Tuesday's own session were far smaller, roughly $21 million net out with most funds still to report.
Why it matters: Concentration is the story inside the story. When one fund is more than 100% of a day's net outflow, "institutions are selling bitcoin" really means "IBIT holders are redeeming" — a positioning move by the marginal buyer of the last two years, in the middle of a hack week, with the exchange post-mortem still unwritten. That reads as de-risking, not abandonment — which is also what Tuesday's price action said, rising on a day the flows were still negative. Ether is the quieter worry: six straight outflow days and a record-bad October mean the ether funds have had no bid since before the hack, and nothing on Tuesday changed that.
Source: FXStreet — BlackRock's IBIT sees biggest Bitcoin ETF outflows since June (Farside Investors and SoSoValue data); Friday's $643.3M via CoinDesk as reported by Market Briefer; early Tuesday-session prints via Farside trackers
#3 — A French bank got named in a $133 million theft. It hasn't said a word.
What happened: On Monday, on-chain investigator ZachXBT reported that an unnamed European entity had lost more than $106 million from accounts at several centralized exchanges on November 1, withdrawn as USDC and USDT. On Tuesday he raised the estimate past $133 million after tracing another $27 million in withdrawals — some of them made after his first disclosure — and on Tuesday evening he named the alleged victim: Crédit Mutuel Arkéa, a French cooperative banking group with roughly $235 billion in assets and more than 5.6 million customers. The bank has issued no statement confirming or denying any of it and did not respond to reporters. The theft itself is independently traced even if the victim's name is not: Bitquery followed $108.8 million in USDC leaving accounts at Kraken, Crypto.com and OKX across about 21 hours on November 1–2 — roughly 95% of it through Kraken — into 15 wallets, with $62.98 million swapped into 27,553 ETH inside four hours and about $61 million still sitting on Ethereum at 13:27 UTC on Tuesday. Kraken and Crypto.com both restricted accounts and blocked funds tied to the suspected theft while saying their own platforms were not breached. The freeze record is lopsided: Tether froze 1.14 million USDT, while Circle froze none of the 2.53 million USDC still unspent. The laundering route ran through USDC-to-ETH swaps, instant exchanges such as WellWallet and Kyrrex, conversions into Monero via Wagyu, and cross-chain bridges. ZachXBT said he is highly confident the attacker is not North Korea's Lazarus Group, and criticised the slow disclosure: by his account, more than $30 million was laundered that European law enforcement could have frozen had the alarm come earlier.
Why it matters: Two different stories are fused here, and only one is verified. The money trail — $108.8 million traced by an independent firm, accounts restricted at two major exchanges — is on-chain fact. The victim being a $235 billion bank is, so far, one investigator's allegation, and it matters enormously which way it resolves: a bank's exchange accounts draining for days, through accounts the thief apparently held logins and wallet keys for, is a custody-and-access failure inside traditional finance, not a crypto-protocol bug — and the still-undisclosed attack vector is the part every other institution is waiting to hear. The practical lesson is in the freezes: in the same theft, one issuer froze and the other didn't, so the two biggest dollar tokens are not the same product when things go wrong. It was also the week's second exchange-theft bill in two days: Brazil's Mercado Bitcoin confirmed on Tuesday that it will cover roughly $38 million from Monday's hot-wallet drain across at least 10 blockchains, with $11 million already frozen with help from Tether, Circle and Chainalysis. "We'll cover it" is now the standard first sentence after a hack — the only question that matters is the balance sheet standing behind it.
Source: The Block — French bank Crédit Mutuel Arkéa exploited for over $133 million, ZachXBT says; on-chain trace via Bitquery Research; exchange restrictions via Cointelegraph; Mercado Bitcoin via CoinDesk — Mercado Bitcoin pledges to cover all user losses after near $40 million hack
Most-searched today
Prices are CoinGecko rolling 24h at check time (early Nov 4 UTC), which differ from the UTC-day closes used above.
- PEARL — Pearl — $1.45 (+3.9%): A real same-day catalyst this time: on November 3, NEAR Protocol added PEARL to NEAR Intents and the near.com app, so users can swap into PEARL from any supported chain with confidential swaps and no bridge. Underneath it, the search interest is still riding the October 19 addition to Coinbase's asset-listing roadmap — 15 days old, and still no listing date. BogusAPY score: PEARL is the coin of its own proof-of-useful-work layer-1 chain. A new swap route widens access but pays the token nothing directly — and with a Grayscale research note (Oct 23) estimating about 1.2 million new PEARL entering circulation daily, the supply tap is still the math underneath the attention.
- AERO — Aerodrome — $0.629 (+6.0%): Riding the merger endgame. Coinbase's conversion of legacy AERO and VELO balances into the unified AERO token runs November 2–4; DefiLlama figures reported November 3 put the merged Aero DEX within a day of $500 billion in cumulative volume (about $480 million traded in 24 hours), and Aero captured 28.3% of the week's $2.7 billion in tokenized-stock DEX volume — about $2.5 billion of tokenized-stock trades over 30 days. BogusAPY score: AERO is a token issued on Base, not its own chain — its case is fee capture, and Dromos Labs says the merged exchange directs 100% of revenue to stakers. Tokenized-stock flow is the first real test of whether that revenue holds up.
- HYPE — Hyperliquid — $84.86 (+1.7%): On November 3, co-founder Jeff Yan met US policymakers to pitch the HIP-3 partner route — US access through partners that take on KYC and supervision — while the token still rides the October 29 ICE/Trade[XYZ] deal, five days old. Ahead sits November 6: a 180,000 HYPE distribution to core contributors (about $15.7M), roughly matched by the more than $15M of November USDC reserve yield expected to flow into Assistance Fund buybacks. The watch item: Paradigm unstaked 2.55 million HYPE (about $224M) over two days, reported November 3 — unstaking is not selling, and no exchange deposit has shown. BogusAPY score: HYPE is the native coin of Hyperliquid's own layer-1 chain, and about 49.9 million HYPE — near 5% of max supply — has been burned through fee-funded buybacks. The open question is pace: insider supply coming unstaked versus buybacks going out.
Source: trending list and prices — CoinGecko, checked Nov 4, 2026; PEARL integration — NEAR Intents announcement via TokenPost (Nov 3); AERO volume and conversion — CryptoBriefing and cryptonews.net/DefiLlama (Nov 3), Coinbase conversion window via CoinStats; HYPE — CoinStats summary (Nov 3–4, citing Bloomberg) and cryptonews.net (Paradigm unstake, Nov 3).
Oversold corner
Universe: 50 largest cryptocurrencies by market cap (CoinGecko), excluding stablecoins and wrapped/pegged tokens; 14-day RSI from daily closes, checked early Nov 4 UTC. Prices are rolling 24h at check time.
- HBAR — $0.0699 (+1.4%) — RSI 25.4
- DOT — $0.941 (+1.1%) — RSI 25.4
- CRO — $0.0507 (+1.5%) — RSI 25.8
- ADA — $0.191 (+2.2%) — RSI 26.2
- TAO — $228.84 (+3.6%) — RSI 26.5
Tomorrow: Binance takes its next reserves snapshot on Wednesday, November 4, covering more tokens — with Zcash's NU7 upgrade and Hyperliquid's November 6 contributor distribution right behind it.
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Sources checked Nov 4, 2026, covering the Nov 3 UTC day (BTC close, trending and RSI screener: CoinGecko; Fear & Greed: alternative.me; Binance phase two, flows and Teng comments: Binance via Reuters, Cointelegraph and BraveNewCoin — flow figures are Binance-published or DefiLlama estimates over differing windows; insurance: Bloomberg Law via CryptoBriefing; OKX proof of reserves: OKX via Bitcoin.com News; ETF flows: Farside Investors and SoSoValue via FXStreet; Arkéa theft: ZachXBT via The Block, on-chain trace by Bitquery — the victim identification remains an unconfirmed allegation and the bank has not commented; Mercado Bitcoin: CoinDesk). The Binance hack and the Arkéa theft are both developing stories and figures may be revised. Not financial advice.
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