Overview
- Bitcoin slipped under $77,000 on Tuesday, extending a multi‑week decline and reversing a brief recovery that left markets fragile.
- The pressure followed a October 29 hot‑wallet breach at Binance that stole about $6.3 billion, with the exchange saying it covered roughly $6 billion and froze about $3 billion of the stolen assets.
- U.S. spot Bitcoin ETFs registered heavy redemptions that drained buy‑side support, including roughly $643.3 million in outflows on October 30 and about $398.6–$399 million on November 2, according to SoSoValue data.
- Derivatives stress accelerated the selloff as leveraged long positions were forced closed, with coin‑level liquidation tallies around $366 million over the recent period and nearly $90–100 million in 24‑hour Bitcoin liquidations.
- Traders are watching critical technical floors near $76,000–$76,600 and the 50‑week/200‑day moving averages and say U.S. midterm results and the November 6 jobs report are the next key catalysts that could either stabilize or deepen the decline.