Key takeaways
- Bitcoin crashes below $77,000 following Binance security breach
- Crypto liquidations reach $1.53 billion, mostly leveraged longs
- BTC faces $75,000 support test after sharp selloff
Bitcoin plunged below $77,000 on October 30 as a massive security breach at Binance triggered panic across cryptocurrency markets, forcing approximately $1.53 billion in leveraged positions to close within 24 hours.
BTC fell to around $76,460 before rebounding toward $78,500. The selloff followed confirmation that Binance had suffered a security incident affecting an estimated $6.3 billion in crypto assets, potentially making it the largest cryptocurrency exchange hack on record.
The sharp decline also broke through the $77,000 support zone identified by Bitfinex analysts earlier this week, raising questions about whether Bitcoin can defend $75,000 or faces a deeper correction.
Binance Confirms $6.3 Billion Security Breach as Liquidations Surge
In its official security update, Binance said its preliminary investigation indicated that a compromised DevOps engineer's laptop may have enabled attackers to access a service container and submit unauthorized withdrawals.
The exchange reported approximately $6.3 billion in affected assets, with roughly $3 billion already frozen onchain. Binance also temporarily suspended deposits and withdrawals while conducting security checks and pledged to cover losses using its SAFU fund and corporate resources.
However, the investigation remains ongoing, and Binance said it has found no evidence of leaked wallet private keys.
The incident triggered a sharp unwinding of leveraged cryptocurrency positions. According to CoinGlass data cited by CoinDesk, total liquidations reached $1.53 billion over 24 hours, including approximately $1.29 billion in long positions.
Bitcoin accounted for roughly $499 million in forced closures, followed by Ethereum at $358 million. Binance alone processed $754.6 million in liquidations, representing nearly half the market total.
Bitcoin Price Prediction: Will BTC Fall Toward $75,000?
Bitcoin's brief breakdown below $77,000 represents a significant technical development after several unsuccessful attempts to reclaim $80,000.
Earlier this week, Bitfinex identified $77,000-$77,765 as an important downside support region. Meanwhile, QCP Capital had outlined a broader $78,000-$86,000 trading range.
Both levels came under pressure as the Binance incident intensified selling.
The immediate question is whether Bitcoin can sustain its rebound above $78,000. A recovery toward $80,000 could indicate that forced liquidations have temporarily exhausted selling pressure, while $82,000–$83,000 represents a potential higher resistance zone based on recent market conditions.
However, another rejection below $78,000 could expose the $76,000–$75,000 region. A sustained break beneath $75,000 would shift attention toward $73,000, a downside scenario previously discussed in Coinbase-related market analysis.
Bitcoin ETF Inflows Offer a Contrasting Market Signal
Despite the sharp liquidation wave, institutional demand has not disappeared entirely.
US spot Bitcoin ETFs attracted approximately $17.07 million in net inflows on October 29, extending their positive streak to four trading sessions, according to SoSoValue data cited by crypto.news.
That contrasts with the heavy ETF withdrawals recorded earlier in October, when risk aversion and interest-rate uncertainty pressured Bitcoin.
