Bitcoin Weathers Hack and Midterm Shifts

Bitcoin fell 1.8% to $75,936 over the week amid a $6.3B Binance hack and Democratic midterm sweep. Whale addresses accumulated $1.09B in BTC across 29 transactions while XRP saw $412.5M in net sells. ETF outflows reached $530M on November 6 as liquidations exceeded $1B. Russia approved retail trading in BTC, ETH and USDT on November 6.

Market sentiment: Bearish

278 bearish articles out of 565 drove the negative average. Binance hack and $530M ETF outflows on November 6 outweighed Russia trading approval and whale BTC buys. Election results introduced regulatory uncertainty.

Top news this week

• Binance hack is ‘cyber war,’ TRM Labs executive says (Cointelegraph): The $6.3B exploit triggered SAFU fund use and phased withdrawals, with hackers moving funds via TRON and Solana. It prompted regulatory scrutiny and cold storage emphasis across exchanges.
• Bitcoin faces $70,000 risk as investors realize $2 billion in losses and US jobs shock deepens pressure (CryptoSlate): Election results and AI stock rout drove $430M ETF outflows and $1B+ liquidations. BTC tested 11-week lows near $75,000.
• Russia Approves Bitcoin, Ether and USDT for Retail Trading (Cointelegraph): Central bank rules effective November 17 open retail access, potentially increasing demand from a major market.
• Bitcoin ETFs Bleed $430 Million as Tech Rout Tests Wall Street Buyers (Decrypt): Outflows on November 6 coincided with Nasdaq declines and post-election volatility, pressuring spot BTC holdings.
• Greece Passes Crypto Tax Law With 10% Gains Levy, 15% on Staking and DeFi (Decrypt): The law ending years of uncertainty takes effect 2027 and provides a clear framework for EU markets.
• Treasury Cuts Crypto Exchange MEXC Off From US Financial System (Decrypt): Sanctions add compliance pressure on offshore platforms and may accelerate institutional preference for regulated venues.

Biggest whale movements

• BTC: accumulation, $1092.9M. 29 transactions from multiple whale addresses into high-volume transactors. Flows suggest coordinated buying during price dips below $76,000.
• XRP: distribution, $412.5M. 21 sell transactions totaling $412.5M, including moves from Ripple addresses and exchanges. Indicates profit-taking ahead of regulatory clarity.
• BTC: accumulation, $311.6M. 4 transactions from high-volume transactor into unknown wallets. Continued accumulation pattern observed across the week.
• BTC: accumulation, $195.1M. 4 buys from whale address into high-volume transactor. Part of repeated route activity treated as single entity flow.
• XRP: distribution, $124.0M. Single large sell from Ripple-1 to Ripple-50 on November 2. Internal movement consistent with treasury rotation.

Price movers

• QNT +4.2%: Gained amid broader market weakness. Low-float token saw limited selling pressure compared to majors.
• ETH +0%: Held flat at $2,245 while BTC declined. Layer-2 activity and stablecoin volume provided relative support.
• ENA -14.9%: Sharpest decline among tracked assets. Selling from verified whales into cold wallets accelerated the drop.
• XRP -7.1%: Fell to $1.1667 as $412.5M whale distribution hit exchanges. Regulatory overhang from midterms weighed on price.
• SOL -6.6%: Dropped to $90 amid event halts and broader tech sell-off. Stablecoin inflows of $378M provided limited cushion.
• ADA -6.4%: Declined to $0.1827 with $116.7M taker sell pressure over 30 days. Tokenization news failed to offset selling.

What to watch next week

Live whale flows, alerts and ORCA analysis at sonartracker.io/dashboard.

Week of Oct 31 – Nov 7, 2026. For information only; not financial advice.