Bitcoin closes at $76,896 after $643.3 million leaves spot funds
Key Facts
Bitcoin closed at $76,896 on November 2, down from the previous day's close of $78,354, according to EL7 data. The close was below $77,000, after the cryptocurrency fell below that level on October 30, according to the Associated Press. On that day, it had fallen from more than $86,000 earlier in October. The decline coincided with broader pressure on technology stocks, as the Nasdaq Composite fell 2.9% on October 30. The agency linked weakness in technology stocks to the index's decline, amid a sell-off following a security breach at Binance.
U.S.-listed spot bitcoin funds recorded net outflows of $643.3 million on October 30, their largest daily outflow since June 25, according to CoinDesk. Before that session, the funds had recorded net inflows since the start of the year of just over $1 billion. BlackRock's IBIT led outflows, with $233.70 million leaving the fund, followed by Fidelity's FBTC, which saw $201.4 million in outflows. The outflows erased 63.6% of net inflows recorded since the start of the year. They also marked the twelfth-largest daily outflow since the funds began trading in January 2024.
Against the backdrop of market pressure, Binance said its hot wallets were breached on October 29 at around 20:05 UTC, resulting in the loss of an estimated $6.3 billion in digital assets. The company added that it would cover the stolen funds. According to its October 30 update, about $3 billion in on-chain assets had been frozen by that date. The Associated Press noted that bitcoin's decline coincided with a sell-off in technology stocks following the breach. However, the simultaneous outflows from funds and decline in the price do not establish that the outflows caused the drop.
Investors are turning their attention to the U.S. midterm elections on November 3, which CoinDesk said could affect the regulatory outlook during the final two years of President Donald Trump's term. Next is the October nonfarm payrolls report, due on November 6. CoinDesk reported that the report could affect Federal Reserve interest-rate expectations and other assets, including cryptocurrencies. The U.S. Bureau of Labor Statistics confirmed that the October Employment Situation report will be published on Friday, November 6, 2026. The release puts the labor market and monetary policy outlook among the near-term events tracked by digital asset markets.