Bitcoin Falls 4.27% on Oct 29, 2026 as Binance Pauses Withdrawals

Bitcoin fell 4.27% to $77,780.33 over the UTC day of October 29, 2026, according to Coinbase daily data, as a tech-led sell-off in Asia was followed late in the day by a security incident at Binance that led the exchange to pause some withdrawals.

Data as of: Coinbase Exchange daily candles for the UTC day of October 29, 2026 (00:00 to 24:00 UTC); CoinGecko global data at 00:09 UTC on October 30. The latest confirmed ETF flow data covers October 28.

Key takeaways

• Bitcoin lost $3,468.98 (−4.27%) to $77,780.33 on Coinbase, trading between $77,699.00 and $81,890.00 during the UTC day.
• Binance said it had temporarily suspended withdrawals on multiple networks "following a security incident as a precautionary measure," according to TechCrunch; the exchange said user funds were safe and had not given a loss figure.
• Solana fell 6.78% to $95.37, XRP dropped 6.75% to $1.23 and ether lost 4.61% to $2,248.34 on Coinbase.
• US spot bitcoin ETFs took in a net $137.33 million on October 28, a third straight day of inflows, according to SoSoValue data reported by TokenPost.
• CoinGecko valued the total crypto market at $2.64 trillion at 00:09 UTC on October 30, down from $2.74 trillion a day earlier.

Session recap

Thursday erased the two-day rebound that followed the Federal Reserve's decision to hold rates. Bitcoin opened the UTC day at $81,249.32 on Coinbase, touched $81,890.00, slipped below $80,000 during Asian hours and then fell to $77,699.00 late in the US session before closing near $77,780. For the wider picture, see Asian and global markets today and our October 28 crypto brief, which covers the Fed's split 10–2 vote.

Changes are calculated from Coinbase's previous UTC daily closes on October 28: bitcoin $81,249.31, ether $2,356.89, solana $102.31 and XRP $1.3243 (October 29 XRP close: $1.2349). Dominance is compared with CoinGecko's 59.47% reading at 00:05 UTC on October 29. CoinGecko put 24-hour trading volume at $115.31 billion at 00:09 UTC on October 30, with ether's share of total market value at 10.40%. Coinbase recorded 9,933.62 BTC traded on its BTC-USD market during the day, nearly double the 5,146.99 BTC on Wednesday.

Ether traded between $2,230.00 and $2,376.70 on Coinbase, and Solana's range ran from $94.79 to $103.08.

What drove it

Binance security incident

The largest move came late in the day. Crypto Briefing reported that blockchain analysts flagged large withdrawals from Binance hot wallets, which are wallets kept online for daily transfers, between 20:24 and 21:04 UTC, and that the receiving addresses were newly created and funded through the Tornado Cash mixer. Binance said it was "aware of reports of a potential security issue" and was "actively investigating," according to CoinDesk and TechCrunch. Spokesperson Ross O'Leary told TechCrunch that withdrawals were suspended on multiple networks as a precaution.

The size of any loss had not been confirmed by Binance. CoinDesk, citing Arkham data, reported that a wallet linked to the suspected hacker held more than $5.7 billion in crypto, while Crypto Briefing put the outflows at $2.5 billion to $3.5 billion. Founder Changpeng Zhao, who no longer runs the exchange, said on X that the activity appeared to be a hack and that he expected user funds to be "fully covered," CoinDesk reported. Tether chief executive Paolo Ardoino said Tether had frozen more than $1.57 billion in USDT, and Circle's Jeremy Allaire said Circle had frozen more than $800 million in USDC, according to CoinDesk. CoinDesk reported that BNB fell 6.7% at the time of writing.

Tech earnings and the Asian session

Before the Binance news, bitcoin had already dropped from above $81,700 to around $79,800 in Asian trading, CoinDesk reported. Alphabet's third-quarter revenue of $127.58 billion came in below the $127.93 billion expected, and its shares fell about 10% before the US open. Samsung shares fell more than 5% after its chip unit missed elevated expectations, and South Korea's Kospi dropped more than 2%, CoinDesk said, citing Bloomberg for the Samsung figures. Weakness in large technology stocks often spills into crypto because both are held by risk-seeking investors.

A hawkish Fed hold

The Fed kept its target range at 3.75% to 4.00% on October 28, with two officials voting for a hike. CoinDesk described the decision as a "hawkish hold" and said high real yields, meaning bond returns after inflation, could limit money flowing into speculative assets. For background, see how Fed rate decisions affect bitcoin.

Liquidations

Forced closures of leveraged positions accelerated the drop. Crypto Briefing reported $627.7 million in liquidations, mostly long positions, after the Binance outflows. TokenPost reported at least $659 million in futures liquidations by 21:15 UTC, about $571 million of them longs. Totals vary by data window and provider; our guide to crypto liquidations explains why.

ETF flows held up

US spot bitcoin ETFs took in $137.33 million on October 28, after $110.34 million on October 26 and $175.99 million on October 27, according to SoSoValue data cited by TokenPost and crypto.news. BlackRock's IBIT accounted for $136.01 million, TokenPost reported. Cumulative net inflows reached $57.61 billion. Flows for October 29 had not been confirmed when this brief was written. Our explainer on bitcoin ETF flows covers how these figures are compiled.

Political & policy watch

• US growth data. Real GDP grew at a 3.4% annual rate in the third quarter, up from 2.2% in the second, according to the Bureau of Economic Analysis advance estimate released at 12:30 UTC on October 29. The PCE price index rose at a 2.1% rate in the quarter and core PCE at 2.5%.
• Federal Reserve. CoinDesk reported that Chair Kevin Warsh said price pressures remain too high and that ING still expects a rate increase in December.
• Stablecoin issuers as gatekeepers. The Tether and Circle freezes show that centralised stablecoin issuers can block tokens linked to suspected theft within hours, a feature that matters for traders in Asia and elsewhere who rely on USDT and USDC to move money between exchanges.
• Coinbase results. Coinbase reported third-quarter net revenue of $1.16 billion and net income of $718.7 million in its quarterly filing with the SEC, compared with net revenue of $1.76 billion a year earlier.

What to watch next

• Binance updates: confirmation of any loss figure, the source of the outflows and when paused withdrawal networks reopen. No timetable had been given.
• October 30 (Friday): US spot bitcoin and ether ETF flow data for October 29.
• November 3 (Tuesday): US midterm elections.
• November 25 (Wednesday), 13:30 UTC: second estimate of US third-quarter GDP, per the BEA.
• December 8–9: next FOMC meeting, with updated economic projections, according to the Fed's calendar.

Risk checklist for readers

• Exchange risk is real. Funds held on a trading platform depend on that platform's security and its ability to process withdrawals.
• Early hack figures change. Loss estimates from on-chain trackers often differ widely and get revised; wait for official statements.
• Leverage cuts both ways. Borrowed positions magnify losses and can be closed automatically after small price moves, as Thursday's liquidations showed.
• Tech stocks and crypto can move together. Earnings surprises in large technology companies can affect crypto prices within hours.
• ETF flows lag. Daily figures describe the previous US trading day and can be revised.
• Exchange prices differ. Closes vary slightly across exchanges and data providers, so check which source a figure comes from.

This article is for information only and is not investment advice.