727 FinanceSpot Bitcoin ETFs saw a net outflow of $643 million yesterday, with BlackRock's IBIT leading with a net outflow of $234 million; ICE, the parent company of the New York Stock Exchange, deleted a tweet announcing a partnership with trade.xyz; CZ clarified that he did not threaten Musk "with money," emphasizing that holding SPCX shares was only to demonstrate sufficient funds; He Yi responded to Binance "inside job" allegations: trading volume, fees, and BNB burn data are all public.
Today's headlines:
Spot Bitcoin ETFs saw a net outflow of $643 million yesterday, with BlackRock's IBIT leading with a net outflow of $234 million
Ethena deposited 128.6 million ENA to Binance, worth approximately $24.33 million
CFTC Chair on the Binance hack: Hopes to provide crypto exchanges with a federal registration option
Vitalik published a post advocating "digital minimalism," sharing experiments with social media, phones, and web usage
Zhao Changpeng demands Musk stop teasing, says Binance's SPCX shares are worth over $1 billion
Chainalysis hacked, customer data including names, emails, and organizational roles leaked
Binance is cooperating with the FBI and U.S. Secret Service to investigate a $6.3 billion cryptocurrency theft case
Aave plans to cut V3 and V4 borrowing caps, removing approximately $3.8 billion in unused borrowing capacity
Regulation & Macro
CFTC Chair on the Binance hack: Hopes to provide crypto exchanges with a federal registration option
According to Reuters, U.S. Commodity Futures Trading Commission (CFTC) Chair Michael Selig said in a CNBC interview regarding the Binance hack that the CFTC hopes to provide cryptocurrency exchanges with a federal-level option to register with the CFTC. Selig previously said that, with Congress yet to act on relevant legislation, the CFTC is advancing a voluntary federal registration path for crypto exchanges so that the crypto market enjoys the same protections as the U.S. derivatives market.
Supreme People's Procuratorate discloses a USDT fraud case involving 1.2 million yuan: Prosecutor says virtual currency transactions do not fall within the scope of contract fraud
According to the WeChat account of the Supreme People's Procuratorate, a USDT fraud case was recently heard in Xuzhou, Jiangsu, in which Wang and others defrauded the victim Xiao of 1.2 million yuan under the pretext of purchasing USDT. The case was initially transferred for review and prosecution on suspicion of robbery; the procuratorial organ held that Wang and others carefully set up a scheme and used fake transactions as bait to substantively defraud the victim of USDT, suspected of fraud, and therefore filed a public prosecution with the court. During the trial, the defender argued that the defendants constituted the crime of contract fraud. The prosecutor pointed out that the criminal law provision on contract fraud is intended to maintain market order, and the content of a contract must reflect the attributes of the socialist market economy, whereas virtual currency transactions are illegal financial activities explicitly prohibited by the state and do not fall within the scope of the crime of contract fraud.
Trump: Investigating whether the Binance hack was carried out by North Korea
According to Bloomberg, U.S. President Trump said he is monitoring the Binance hack. When asked whether the attack was carried out by North Korea, Trump said "We don't know" and "We're investigating it," and said Binance claims the situation is under control. Previously, blockchain analysis firms such as Chainalysis and TRM Labs attributed the approximately $6.3 billion attack to the North Korea-linked hacking group TraderTraitor, while the U.S. government has not yet officially made an attribution.
Project Updates
Binance: Approximately 80% of stolen funds have been replenished, withdrawals to resume in phases within about 34 hours
According to Binance's official announcement, Binance issued security incident progress announcement #2, stating that it has prepared more than $6.34 billion in corporate funds, of which more than $5 billion equivalent in corresponding token assets such as USDC, USDT, BTC, ETH, and BNB has been secured, approximately 80% of the stolen funds have been replenished, and the remaining portion is being purchased through market and over-the-counter channels. About $3 billion in assets have been frozen on-chain, and no evidence of wallet private key leakage has been found at this stage. Binance plans to resume withdrawals in phases by token within about 34 hours, will take its first proof-of-reserves snapshot within 12 hours, publish the results before Monday, November 2, and expects to announce further technical investigation results within about 48 hours.
Apple: Apple Intelligence to begin testing in China from November 4, integrated with Alibaba's Qwen
According to a press release on Apple's official website, Apple announced that the first batch of Apple Intelligence features will soon launch in China, including real-time translation, writing tools, visual intelligence, photo cleanup tools, and Genmoji, which will open for testing starting November 4 with the latest iOS developer beta and be rolled out to Chinese users with the official release of iOS 27.3 in December. Apple has reached a partnership with Alibaba, allowing Chinese users to directly use Qwen in Siri, writing tools, and visual intelligence. Supported models include iPhone 16 and later, the iPhone 15 Pro series, and iPhone Air; this update does not include next-generation Apple Intelligence features announced by Apple at WWDC 2026, such as Siri AI.
ICE, parent company of the NYSE, deletes tweet announcing partnership with trade.xyz
ICE, parent company of the New York Stock Exchange, has deleted a tweet announcing a partnership with trade.xyz aimed at bringing Hyperliquid perpetual contract products to the U.S. market. A repost that still retains Trade.xyz promotional copy remains, and the partnership tweet posted by trade.xyz has not yet been deleted. Earlier news: ICE reached a partnership with Trade.xyz aimed at bringing Hyperliquid perpetual contract products to the U.S. market.
CZ clarifies he did not "use money" to threaten Musk, stresses holding SPCX shares only to show sufficient funds
Binance founder CZ tweeted a clarification regarding some people interpreting his statement about Musk as "using money to threaten," saying there was overinterpretation. He mentioned holding SPCX shares only because someone in the relevant discussion compared the situation to FTX, possibly implying that Binance lacked funds, which is not the case. He merely wanted to explain that Binance holds assets other than cryptocurrencies, and in an area familiar to Musk. CZ stressed "I never threaten people," which is one of the core principles in his book, and said Binance's stake is merely "a drop in the ocean" to them and cannot constitute a threat at all; SPCX will be one of the high-quality stocks held for the long term.
He Yi responds to Binance "inside job" allegations: trading volume, fees, and BNB burn data are all public
In response to some community users attributing the Binance hack to an "inside job," He Yi said that investing is often a contest of judgment, logic, and the ability to extract effective information by tracing clues, and she understands some friends' concerns about solvency because they are unaware that data such as trading volume, fees, user scale, and quarterly BNB burns are public. She also said that the portion staked in AAVE is not included in the frozen statistics; the 60 million USDT staked in AAVE is not included among Binance's frozen targets, and releasing this excess collateral through formal procedures in the future is expected to reduce losses by 14 million USDT.
Ethena deposited 128.6 million ENA to Binance, worth approximately $24.33 million
According to monitoring by on-chain analyst Yu Jin, Ethena deposited 128.6 million ENA to Binance over the past 2 hours, worth approximately $24.33 million. Binance is currently buying back stolen assets through on-exchange and off-exchange transactions to fill the asset gap in proof-of-reserves (PoR). Yu Jin speculated that this transfer may be related to Binance's off-exchange purchase of ENA from Ethena; the amount of ENA stolen from Binance yesterday was 217.5 million.
a16z-affiliated entity suspected of selling 118,000 HYPE, worth approximately $10.7 million
According to monitoring by on-chain analyst Ai Yi, an a16z-affiliated entity has been suspected of selling $10.7 million worth of HYPE since yesterday. After news of the Binance hack was disclosed, the entity transferred 118,000 HYPE in batches to Wintermute, Galaxy Digital, and Cumberland at an average price of $90.72, with the purpose unknown; the most recent transfer occurred 10 hours ago.
Zhao Changpeng demands Musk stop teasing, says Binance's SPCX shares are worth over $1 billion
Zhao Changpeng (CZ) posted on X demanding that Musk "stop teasing," and said that Binance invested $500 million in Musk's acquisition of Twitter at the time, and the SPCX shares obtained are now worth more than $1 billion, hoping Musk would "show a little support." Previously, 0xngmi posted that Binance custodies about $144 billion in assets, and after USDT and USDC were frozen, total losses were about $1 billion, accounting for 0.69% of custodial assets; CZ responded that the actual loss "may be slightly higher than that," but Binance will cover it in full. Subsequently, a user posted a teasing image of "SBF's response back then," and Musk replied with an emoji.
Chainalysis hacked, customer data including names, emails, and organizational roles leakedChainalysis, which specializes in tracking cryptocurrency hackers, has itself been hacked. In an email to customers, Chainalysis said that this month an external party used "offensive proxy technology" to gain unauthorized access to its systems and internal tools, and some non-sensitive customer data was accessed, including user IDs, names, email addresses, and organization role labels. The company emphasized that there is no indication that investigation content (link graphs, notes, or case information), transactions or query results, plaintext passwords, multi-factor authentication (MFA) keys, or user session tokens were accessed without authorization, and stated that this incident is unrelated to the recent Binance theft incident.
The hacker group that attacked Binance moved 120 million TRX, followed by further dispersal transfers
According to Onchain Lens monitoring, the hacker group that attacked Binance used automated transfers to repeatedly split funds across multiple wallets, cycle them back to previous addresses, and then redistribute them to new destination addresses in order to obscure the flow of funds. Most recently, another 120 million TRX (about $38.78 million) was moved, followed by further dispersal transfers.
Binance is working with the FBI and the U.S. Secret Service to investigate a $6.3 billion cryptocurrency theft case
According to Reuters citing sources, Binance is working with the U.S. Federal Bureau of Investigation (FBI) and the U.S. Secret Service to investigate a theft involving $6.3 billion in cryptocurrency.
Privacy public chain Iron Fish officially shuts down its network due to a critical vulnerability
Privacy public chain Iron Fish posted that it will terminate all remaining support for the Iron Fish network later today. The team recently discovered abnormal activity in the wIRON and ChainPort cross-chain bridge. After collaborative investigation with ChainPort, it confirmed that the root cause was an inflation vulnerability in the Iron Fish blockchain itself, traceable to a commit in the Merkle tree implementation in early 2019: a subtle difference in the calculation method of the "nullifier" allowed attackers to use the same note multiple times. The attacker then aggregated multiple notes and completed fund transfers through the ChainPort cross-chain bridge. Although this code path was within the scope of internal and external audits, the vulnerability was not discovered. The team has submitted a fix patch and attached a detailed post-mortem report, and will subsequently shut down and archive the codebase.
Flap suffers DNS hijacking and is pointed to an unauthorized website
Flap posted that the official website flap sh is currently suffering DNS hijacking and has been pointed to an unauthorized website. Flap reminded users not to visit the official website, connect wallets, or perform any signing operations for the time being; the team is working on website recovery and will notify users as soon as it is restored.
Cash App will transform into a comprehensive digital bank: focusing on financial products such as stocks, ETFs, and customized debit cards
According to Bloomberg, Jack Dorsey's Block announced that it is pushing Cash App to transform into a comprehensive digital bank, increasing user activity and customer retention through products such as stock, ETF, and Bitcoin trading, short-term loans, high-yield savings, and customized debit cards. So far this year, Cash App's gross profit has been nearly $4 billion, accounting for 64% of Block's total. In September, Block submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust NA. Cash App's second-quarter loan originations increased 59% year over year, and it already has 9.4 million users who use it as their primary banking tool, up 17% year over year; however, it still faces stagnant growth and compliance pressure. In August this year, Block disclosed that it had doubled its potential settlement reserve for the U.S. Department of Justice's multi-year investigation to $526 million.
Binance co-CEO: Withdrawals expected to resume within 40 hours, full proof of reserves to be published Monday
Binance co-CEO Richard Teng posted a video update on X saying that Binance is rebuilding its withdrawal service and will not reopen it until it passes strict testing. Withdrawals are expected to resume before the Sunday deadline, in about 40 hours; Binance will publish a full proof of reserves (PoR) report on Monday and hopes to release preliminary results before that. Regarding the investigation, he said the attack was not carried out by one person, and the preliminary investigation shows that the incident may have involved a compromised laptop, with other intrusion points subsequently discovered; the attacker used a self-destruct mechanism to destroy tools and traces, and also used EIP-7702 to obtain on-chain execution authorization for a hot wallet, a delegation that did not go through Binance's regular approval process. Binance is conducting a company-wide security review of endpoints, cloud, key management, and signing systems.
Polymarket launches 15-minute gold and silver up-or-down prediction markets
Chainlink posted on X that prediction market Polymarket is deepening its cooperation with its official oracle Chainlink, expanding high-speed 15-minute prediction markets from cryptocurrencies to other asset classes. Gold and silver 15-minute up-or-down markets are now live, with more commodities to be added later and expansion to stocks and foreign exchange. Polymarket also confirmed that the above markets are live and said Chainlink is its official oracle partner for high-speed up-or-down markets.
Recall Foundation announces shutdown and will burn about 35.86% of token supply
Recall posted on X that the board of the Recall Foundation decided to shut down the foundation because, after assessing protocol adoption, operating costs, and growth prospects, it concluded that continued development was commercially infeasible, and that this was not caused by a hack or security incident. The foundation will burn about 359 million RECALL controlled by it, accounting for about 35.86% of the total supply. Token holders will not receive any distribution, redemption, or buyback; the remaining approximately $3.7 million in funds will be used to repay creditors and pay liquidation expenses. app.recall.network will become read-only starting November 30, and the foundation expects to complete liquidation in the first quarter of 2027. Separately, according to a Bithumb announcement, because the foundation is ending project operations, Bithumb has designated RECALL as a trading caution asset and suspended its deposits starting at 6:30 today.
Jupiter Lend: Withdrawals have now returned to normal
Solana ecosystem lending protocol Jupiter Lend posted that the liquidity shortage on Jupiter Lend has now ended. As liquidity was replenished, USDC withdrawals have returned to normal, and the previously surging capital utilization rate has also fallen back. Earlier news said that due to the overall market environment, the protocol experienced liquidity tightness and some withdrawals were affected.
Aave plans to cut V3 and V4 borrowing caps, removing about $3.8 billion in unused borrowing capacity
According to the Aave governance forum, risk service provider LlamaRisk proposed lowering the borrowing caps for a total of 27 reserves on Aave V3 and the withdrawal caps for a total of 6 credit lines on V4, with the new caps at about 1.02 times the pre-attack borrowing amount. Previously, due to the October 29 Binance hot wallet incident, Aave had frozen V3 and V4 reserves. The adjustment will remove about $3.7 billion in unused capacity on V3 and about $130 million on V4; taking V3 Core as an example, the WETH borrowing cap will be reduced from 2.4 million to 1.79 million, and USDT and USDC will be reduced to 2.56 billion and 2.27 billion, respectively. LlamaRisk said the attacker still holds a large amount of ETH, stablecoins, and governance tokens, and may quickly establish large positions after the market is unfrozen. The adjustment will be executed through the Risk Steward process before phased unfreezing, and the GHO reserve is not included in this adjustment.
Changpeng Zhao: Binance's stolen fund gap is about $2 billion, SPCX holdings can cover most of it
Changpeng Zhao (CZ) posted on X that Binance's losses from this hack were about $6 billion+, of which $3 billion has been frozen, the SAFU fund is about $1 billion+, and the remaining gap is about $2 billion. CZ said the SPCX shares held by Binance are worth more than $1 billion, and the remaining gap is "still painful, but manageable." These shares come from the $500 million Binance invested when it participated in Musk's acquisition of Twitter.
Aave unfreezes all V3 and V4 markets, 9 assets including USDT temporarily cannot be used as collateral
Aave posted on X that the Aave V3 and V4 markets previously frozen due to the Binance incident have now all been unfrozen. As an ongoing precautionary measure, the LTV of USDT, USDC, USDT0, POL, WAVAX, sAVAX, XAUT, PAXG, and OP will temporarily remain at 0 and cannot be used as collateral for new borrowing. Aave said that during the freeze, only new deposits and borrowing were suspended, while withdrawals and repayments proceeded as usual. Aave contracts were not affected by the incident, and all positions remain fully collateralized.
Investment and financing news
Views & analysis
Vitalik publishes article advocating "digital minimalism," sharing experiments with social media, phones, and the webEthereum co-founder Vitalik Buterin published a blog post titled "Digital minimalism," arguing that beyond physical minimalism, modern people need "digital minimalism"—consciously choosing how to use digital technology rather than having their attention siphoned away by default algorithms and interfaces. He shared three experiments: no longer using X's official interface directly, instead using multi-client aggregation tools such as Firefly to avoid algorithmic recommendations; keeping airplane mode on by default for 100 consecutive days (using only Wi-Fi), and using offline maps such as CoMaps; avoiding reliance on website UIs as much as possible and switching to command-line tools, on the grounds that web apps re-download on every visit and fully trust the server, offer poorer privacy, and often contain dark patterns. He believes that improving software quality and AI progress are making "digital minimalism" both feasible and necessary, and recommends that everyone try reducing at least one digital distraction.
"Set 10 Big Goals First" Whale: Has Reduced Bitcoin Position by Two-Thirds, Will Buy It All Back at $76K-$78K Later
The "Set 10 Big Goals First" whale tweeted again after 22 days, saying it had reduced its position by two-thirds at the $76,000 level to guard against extreme scenarios, and would later buy back all BTC positions at $76,000-$78,000. The whale said $58,000 is the bottom for BTC this cycle; although this cycle broke below $78,000 amid a black swan event, the bull market has already begun. It believes the first-stage bottom of this bull market is $118,000 and the second stage is $150,000, and that BTC could reach $120,000 within this year.
Ansem on Bitcoin Short-Term Trading: Prolonged Failure to Move as Expected May Be an Exit Signal
Well-known trader Ansem posted that time is an often-underestimated risk management factor in short-cycle trading. When entering a position expecting rapid price movement, one hopes the market will move in the expected direction within a relatively short period; if Bitcoin lingers near the entry price for a long time and repeatedly fails to develop as expected, he will reassess the trading logic. He added that the advantage of short-cycle trading is earlier identification of whether a trade is working, so sometimes even if the stop-loss has not been triggered, he will exit early because the market has not unfolded as expected for too long—both price and time are important considerations for whether to continue holding.
21Shares: Bitcoin Fell Only About 2% After Binance Hack, Far Below the 26% Drop After FTX
21Shares released an analysis report on the Binance hack, saying that on October 29 Binance suffered an attack of about $6.3 billion, about $3 billion of the stolen assets have now been frozen, and Binance has committed to bearing all losses. Within 24 hours after the incident, Bitcoin fell slightly more than 2%, significantly lower than the roughly 26% drop after the FTX incident in November 2022. The report stressed that the incident was a security vulnerability of Binance as a single company, and the Bitcoin network itself was not attacked. Binance said it will cover all losses through the SAFU fund and corporate funds; based on a Bitcoin price of about $78,509, the 15,000 BTC held by the SAFU fund is worth about $1.18 billion, covering about 36% of the unfrozen asset losses, with the remainder borne by corporate funds.
CZ: Impact of Binance Hack Far Less Than Mt. Gox's Shock to Bitcoin
CZ posted in response to discussion that the Binance hack had limited impact on Bitcoin's price, saying the $6.3 billion stolen this time is the largest in dollar terms, but not in Bitcoin terms: Mt. Gox lost about 650,000 BTC back then, more than 5% of Bitcoin's total supply, a greater impact. He pointed out that assessing the impact of a hack also requires considering the number of affected users and the proportion of their assets damaged; in the Mt. Gox and FTX incidents, the number of affected users and the scale of assets were close to full coverage, whereas in the Binance case the affected party is only the platform itself, user assets were unaffected, and the platform will bear all losses. CZ acknowledged that the incident is still a major blow to the crypto industry, Binance, and himself, but stressed that Binance can survive the crisis, and the most important thing is to protect users.
Key Data
Bitcoin Spot ETFs Saw $643 Million Net Outflow Yesterday, BlackRock's IBIT Led With $234 Million Net Outflow
According to SoSoValue data, U.S. Bitcoin spot ETFs saw total net outflows of $643 million on October 30 Eastern Time. The largest single-day net outflow was BlackRock's IBIT, with $234 million in net outflow and current historical total net inflow of $66.311 billion; next was Fidelity's FBTC, with $201 million in net outflow and historical total net inflow of $10.172 billion. As of press time, Bitcoin spot ETFs had total net assets of $98.140 billion, a net asset ratio (market value as a share of Bitcoin's total market cap) of 6.34%, and cumulative historical net inflows of $56.980 billion.
Two Whales Sold Over $100 Million of HYPE Combined, Profiting Over $26 Million
According to Lookonchain monitoring, multiple whales are selling HYPE. Address 0x2685 sold 912,383 HYPE (worth $82.09 million) 6 hours ago; these tokens were purchased a month ago, and the profit this time exceeded $10 million. Address 0x648F sold 296,705 HYPE (worth $26.72 million) 8 hours ago; these tokens were purchased 11 months ago, and the profit this time was $16.5 million.
Nvidia Shares Fall 3.3%, Total Market Cap Drops Below $5 Trillion
Market data shows the Philadelphia Semiconductor Index fell 5.7%, AMD fell 10%, Arm fell 9.5%, Marvell Technology fell 5%, Qualcomm fell 6.3%, and SpaceX (SPCX.O) fell more than 5% to its lowest level since August. Nvidia shares fell 3.3% to $206.610 per share, with a total market cap of $4.98 trillion; Nvidia shares have cumulatively fallen more than 9% this month.
A Whale/Institution May Have Sold Over 910,000 HYPE, Expected Profit $8.03 Million
According to on-chain analyst Ember monitoring, 912,383 HYPE (about $82.09 million) was consolidated and transferred by a whale/institution into institutional trading platform FalconX 2 hours ago. These HYPE were accumulated 1-2 months ago through Coinbase Prime and FalconX at an average price of about $81, and were transferred out today at $90, with an expected profit of $8.03 million.
U.S. Pre-Market News at a Glance: Musk Is Gradually Transforming SpaceX's AI Business Into Renting Computing Power to Clients Such as Anthropic and Google
U.S. pre-market news: The three major stock index futures showed mixed performance, with Dow futures up 0.01%, S&P 500 futures down 1.06%, and Nasdaq 100 futures down 2.58%; WTI crude oil futures rose 2.11% to $104.153 per barrel, Brent crude oil futures rose 2.28% to $113.325 per barrel; spot gold fell 1.46% to $3,962.61 per ounce, spot silver fell 3.93% to $50.09 per ounce. People familiar with the matter revealed that Anthropic has become SpaceX's largest customer, contributing more than one-third of revenue in the third quarter, and Musk is gradually transforming SpaceX's AI business into renting computing power to clients such as Anthropic and Google. In addition, Binance's hot wallet was suspected of being hacked, with total frozen assets exceeding $3 billion, triggering a sharp drop in digital token prices.
Tether Q3 Net Operating Profit Reaches $1.5 Billion, Excess Reserves Rise to Nearly $8 Billion
Tether published its Q3 2026 financial data and reserves attestation report, prepared by BDO. As of September 30, Tether's total assets were about $191.5 billion and total liabilities about $183.5 billion, with assets exceeding liabilities by about $7.955 billion, nearly double the $4.1 billion at the end of the second quarter. Net operating profit for the first three quarters of 2026 totaled $4.5 billion, of which $1.5 billion was in the third quarter, flat with the second quarter, with the main income sources being U.S. Treasury bonds and reverse repurchase agreements. As of the end of the third quarter, Tether's direct and indirect exposure to U.S. Treasury bonds reached $132.4 billion; during the same period, USDT issuance remained basically stable at about $184 billion.