Binance Withdrawals Reopen: $3.5B+ Net Outflows on Day One

Binance withdrawals are open again, and customers are using them. On Sunday, November 1, Binance reopened withdrawals in phases, starting with the bitcoin network. By evening, DefiLlama showed more than $3.5 billion in net outflows. Here is what happened, what Binance says it did about the $6.3 billion theft, and what it means for miners at $77,703 bitcoin.

How Binance withdrawals reopened

Binance said the first network opened in phase one was bitcoin, per France 24. It is restoring other tokens in order of “the past week data of user demand.” According to Cyprus Mail, phase one covers 15 tokens, including bitcoin, ether, dogecoin and some USDC and USDT pairs. However, neither report gives a timetable for the later phases.

How Binance says it covered the loss

Binance says it has covered 95% of the $6.3 billion. It bought replacement tokens with company money. On Saturday it said it had set aside more than $6.34 billion of its own funds. Cyprus Mail reports the money came from the $1 billion SAFU reserve, part of the Futures Insurance Fund and the corporate treasury. Co-CEO Yi He said Binance would use 50% of SAFU and refill it to about $1 billion. The last 5% is less liquid and may take longer to source. These are Binance’s own claims, and we cannot check them independently.

Binance also says “user funds remain safe” and that it, not its users, will absorb the loss. In addition, about $3 billion of the affected assets had been frozen as of Friday, according to Cyprus Mail.

Customers are pulling money out

The outflow is real. DefiLlama shows more than $3.5 billion net out on Sunday. Binance did not comment on that number. Instead, a spokesperson said the withdrawal spike at the start is now falling and called it “a very small percentage” of assets under management. Still, both claims are plausible, but only the DefiLlama figure is third-party data.

The attribution is also still moving. The FBI blames North Korea’s TraderTraitor group for the theft on or about October 29. President Trump said, “We don’t know if it’s North Korea.” We covered the FBI claim in our report on the 18,270 BTC still sitting untouched.

What Binance withdrawals mean for miners

First, exchange risk is now a cost. Bitcoin that leaves an exchange is bitcoin that is not for sale there. That is mildly good for price. However, a run on the biggest exchange can also scare the market. We would not lean on either.

Second, pay out to your own wallet. If your pool or exchange account sits on Binance, read our Binance Pool shutdown guide before November 10. The earlier Binance hack report covers the basics.

Miner Math: what the Binance reopening does to your margin

Here is the live maths on November 1. Bitcoin is $77,704 and the network is 1068 EH/s, so hashprice is about $32.89 per petahash per day. That is what one PH/s of hashing earns before power.

Numbers are profit per day after electricity, at the three power prices shown. Break-even is the most you can pay per kilowatt-hour before the machine loses money. Specs are the manufacturer ratings; network data comes from mempool.space. Try your own power price in our free bitcoin mining profit calculator. Want to run the same numbers on a machine you can buy today? See our used ASIC miners, or buy several at once through bulk lots.

If the outflows push bitcoin down 10%: the break-even power price on an S19k Pro falls from 6.0 to 5.4 cents per kilowatt-hour. At 8 cents, daily profit goes from -$1.30 to -$1.67.

What we think

Binance looks solvent on its own numbers. The proof is whether the outflow slows by Monday. If it does, this fades. Otherwise, expect a weaker price. Therefore, check your own break-even before you buy any machine. See our miners in stock and the daily Bitcoin price prediction.

-Nick
ING Mining

This is general information, not financial advice. Crypto is volatile, and you can lose money. Please do your own research.