When the biggest crypto exchange in the world loses $6.3 billion in twenty minutes, you would expect the market to collapse. It did not. Bitcoin fell about 4% to 5%, BNB about 7%, and by the following day prices had partly recovered.
This post explains what happened to prices after the Binance hack on 29 October 2026, why the reaction was smaller than it might have been, and the slower effects that matter more than one day's chart. It is not investment advice: nothing here tells you to buy or sell anything. Figures are as of 30 October to 1 November 2026; prices will have moved since.
The short version
- Bitcoin fell to an overnight low of $76,400, its lowest since mid-September, from close to $80,000 earlier in the week.
- BNB, Binance's own token, was the hardest-hit major coin, down about 6% to 7% to around $700.
- Ether briefly touched $2,170.
- $1.57 billion in leveraged positions were liquidated, about four times the previous day, and about 87% of them were bets on prices rising.
- Sentiment gauges fell into "fear", but there was no bank-run-style collapse, largely because Binance said at once that it would cover the loss.
- The bigger effects are slower: pressure on exchange security, a new argument about stablecoin freezes, and regulation.
What happened to the Bitcoin price after the Binance hack?
| Asset | Move after the hack | Level | Source |
|---|---|---|---|
| Bitcoin (BTC) | Down about 3% to 5% | Low of $76,400; about $77,350 the next day | CoinDesk, NBC |
| Ether (ETH) | Down about 4% | Touched $2,170, then about $2,220 | CoinDesk |
| BNB | Down about 6% to 7% | About $699 to $701 | The Block; CNBC |
| Solana (SOL) | Down about 3% | CoinDesk | |
| Tron (TRX) | Down about 5% | CoinDesk |
Two things were happening at once. The hack hit during an already weak week: Bitcoin had slid for about a month, and NBC linked part of the mood to the failure of the Clarity Act, a US crypto market bill, in Congress. On the same day, US technology shares fell, with Nasdaq-100 futures down 2.3% after Amazon raised its spending forecast, so not every dollar of the drop was Binance.
Why were $1.57 billion in positions liquidated?
Many crypto traders borrow to bet on prices. If the price moves against them far enough, the exchange closes the position automatically: a liquidation. Each forced sale pushes the price a little lower, which triggers the next.
According to CoinDesk, total liquidations jumped about fourfold to $1.57 billion, including $522 million in Bitcoin positions and $361 million in ether. Most were long positions, people betting on a rise. Open interest, the total value of outstanding futures bets, fell 3% to $136.3 billion as traders closed positions. In the options market, five of the six most-traded Bitcoin contracts were puts (bets on a fall), led by a $74,000 put expiring on 13 November.
That is the mechanical part of the crash. It is also why short, sharp falls after bad news often recover partly once the forced selling is done.
Why did BNB fall the most?
BNB is the token most directly tied to Binance's fortunes. It pays trading fees on the exchange and runs BNB Chain. When people worry about Binance, BNB is the obvious thing to sell, and its trading volume more than tripled on the day.
Even so, a 6% to 7% fall was, in one analyst's words, "quite modest for possibly the largest exchange theft ever". Funding rates on BNB futures turned negative, meaning traders betting on a fall were paying those betting on a rise, a sign of nervousness rather than panic.
Why didn't the crypto market crash harder?
- Binance said it would pay. Within hours Binance said customers would not bear the loss, and within two days it reported 90% of affected assets replenished. A loss the exchange absorbs is very different from one its customers absorb.
- Half the money was frozen. About $3 billion in stablecoins was frozen by Tether, Circle and others, so the hackers could not dump it on the market.
- The hackers did not sell straight away. As of 30 October none of the haul had been cashed out. Stolen BTC and ETH sold in a rush would have pushed prices down further.
- No contagion. Unlike FTX in 2022, there was no sign that other firms had lent to Binance or depended on it in ways that would bring them down too.
Effects on crypto stocks
Shares of US crypto-linked companies including Coinbase and Robinhood fell significantly on the news, according to reports compiled by Wikipedia. Two forces pull in opposite directions here. The hack hurts confidence in crypto generally, which is bad for every exchange. But a security failure at the largest offshore exchange can push some users and institutions towards regulated, listed platforms, which is good for them over time.
The longer-term effects that matter more
Exchange security will be rebuilt
Every exchange's board is now asking the same question: could one engineer's laptop do this to us? Expect stricter separation between staff devices and wallet systems, more multi-party approval for hot wallet changes, smaller hot wallets, and more spending on insurance. The lessons apply well beyond crypto; we cover them in one laptop, $6.3 billion.
The stablecoin freeze argument
The single most effective defence on the day was Tether and Circle freezing funds. That is a powerful argument for regulated, freezable stablecoins, and also an uncomfortable reminder for people who hold crypto because they want money nobody can freeze. Expect that debate to sharpen, and expect freezable assets to keep gaining share in exchange reserves.
Regulation
The US Secret Service and FBI are involved, and President Trump said his administration was "looking at" the incident and was reassured by Binance's pledge to reimburse users. A record theft by a sanctioned state lands in the middle of the US argument over crypto market rules after the Clarity Act's failure. Countries building new regimes, including Pakistan through PVARA, are likely to write hot wallet security and loss reserves into their licensing rules. Our guide for Pakistani users looks at what that could mean locally.
North Korea's funding
If even half the stolen bitcoin and ether is eventually cashed out, it is a large sum for a sanctioned state. That will keep pressure on mixers, cross-chain services and over-the-counter brokers, the routes Lazarus uses to launder.
What to watch next
- 3 November: Binance's full proof of reserves.
- Binance's incident report, explaining how the attackers got in.
- Hacker wallet movements. Large transfers to exchanges or brokers could weigh on BTC and ETH prices.
- Whether frozen funds are returned to Binance.
- Withdrawal flows: whether users pull large balances off Binance once all networks reopen.
For businesses, the useful takeaway is about risk, not price: if you hold treasury, payroll or customer money in crypto, treat exchange concentration as a business risk with a written limit. We help companies set those policies as part of growth strategy work.
Frequently asked questions
Why did Bitcoin drop after the Binance hack?
Fear of forced selling and of a hit to the biggest exchange, amplified by $1.57 billion in leveraged liquidations, on a day when US tech shares were also falling. Bitcoin hit $76,400.
How much did BNB fall after the hack?
About 6% to 7%, to around $700, the biggest fall among major coins.
Will the hackers selling the stolen crypto crash the price?
It could add pressure if large amounts are sold quickly, but laundering usually takes weeks or months and about $3 billion is frozen.
Is crypto still safe after the Binance hack?
The blockchains themselves were not hacked. The weak point was an exchange's internal systems. Keeping assets you do not trade in your own wallet reduces that risk.
Sources
CoinDesk market wrap, 30 October 2026 for prices, liquidations, options and funding; The Block for BNB; NBC News for the Clarity Act context and the White House reaction; Wikipedia: 2026 Binance hack for crypto stock moves. Not investment advice. Figures as of 30 October to 1 November 2026.
