Glassnode

Yesterday’s Binance hack is the largest in crypto history. Over $6 billion was affected, more than the next 9 largest hacks combined. The previous largest, Bybit in February 2025, was $1.5 billion. 3 out of the 10 largest have now happened since 2025, all at exchanges.

$BTC is retesting the True Market Mean. It could pull back all the way to the short-term holder cost basis at $75.8k and still be a good setup for continuation. Retests like this are normal in an uptrend. The last one, in mid-September, came days before the high of the move.

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Outflows across chains happened one after the other. XRP went first, then SOL shortly after, then BTC, ETH, USDT and TRX together, finally USDC. Binance's BNB balance was left untouched. It wasn't just the major assets. Dozens of smaller tokens saw a large share of their Binance balance leave in the same hour. According to our data, #FUN tokens were completely drained from the exchange.

It looks like Binance was just hacked for around $5.3 billion worth of assets. The largest pieces: $1.66 billion in USDT 17,985 $BTC, about $1.45 billion $767m in USDC ETH and dozens of smaller tokens follow. The total is still a small part of what Binance holds on-chain.

Altcoin profits came and went within a month. In late September, recent buyers were selling most tokens at a profit, the biggest spike since December 2024. A month later, most of them are back to selling at a loss, while $BTC barely moved.

Consumer confidence is sitting near all-time lows. The Michigan survey found the cost of living weighs on Americans most. Fuel and tariffs drove costs up, and inflation expectations are climbing again. Even stocks near all-time highs have not lifted the mood, apparently.

US spot #Bitcoin ETFs have seen net outflows over the past 30 days for the first time since late July, reaching -$292M on Oct 26. The dip remains shallow, and inflows have returned this week. $BTC Chart: https://glassno.de/etfs-30d-netflow

This market looks a lot like summer 2023. In 2023, $BTC's first big move off the bottom ran into a meme and altcoin frenzy. Volatility then sank. This year has followed the same order, with volatility now at the lows. More on these parallels in this week's Week On-chain.

Bitcoin is quiet. The market under it is not. Long-term holders sit on coins bought above $85K. Each dip brings smaller losses. Stocks now outtrade Bitcoin perps on Hyperliquid. Altcoin breadth is fading. Twelve analyses on how it all fits together 👇 https://twitter.com/glassnode/status/2115427475635196352

$85K keeps turning $BTC back. Since January, Bitcoin has closed above it on only five days, never more than three in a row. It's a truly tough level to break. More in depth analysis in our latest Week on Chain report

$BTC is beating the S&P 500 again. Over recent weeks it has won more trading days than it lost. In June it won only one day in five, its weakest stretch in more than five years. Outperformance like this could become reflexive as investors move to the strongest asset class.

Hyperliquid whales are net short $BTC for the first time since March. This group managed to long the bottom, but the positioning flipped last week. The question is whether they are early to a deeper pullback, or about to be squeezed if price turns higher.