The key facts

  • The Binance hack began on October 29; $6.3 billion in assets were stolen, including about 18,270 bitcoins (~$1.5 billion)
  • Bitcoin fell by about 6% over 10 hours; daily trading volume rose by 67% to ~$40.9 billion
  • Fitch links the restrained reaction to a deeper and more diversified market structure

Binance hack and market reaction

The Fitch Ratings agency reported on Monday, November 9, that the relatively restrained reaction of bitcoin to the recent Binance hack indicates increased resilience of the cryptocurrency market to industry shocks. The attack began on October 29: digital assets were stolen across several blockchains, and, according to the agency's estimate, this could become the largest cryptocurrency theft to date — worth $6.3 billion. Among the stolen assets, according to available information, were about 18,270 bitcoins worth approximately $1.5 billion at the time. Binance temporarily halted trading and withdrawals, and from November 1 began restoring withdrawals.

A moderate decline against the market's history

After the first reports of the attack, bitcoin fell by about 6% over 10 hours, while, as Fitch notes, the decline was also driven by overall market weakness and leveraged positions. Daily bitcoin trading volume rose by 67% — to approximately $40.9 billion versus an average of $27 billion over the previous 30 days (data from CoinMarketCap, cited by the agency). Fitch describes this price movement as relatively restrained compared with historical episodes: a 35% drop on the worst day of the March 2020 crisis, a 14% drop after the FTX collapse in 2022, and a 21% drop during the Bitstamp hack in 2015.

Conclusions for the market and securitized instruments

In the agency's view, the smaller degree of disruption is likely explained by the fact that the crypto trading structure has become deeper and more diversified: a broad trading ecosystem reduces dependence on individual exchanges and helps maintain liquidity during outages at a major platform. For bitcoin-backed securities, the incident underscores the importance of conservative collateral coverage, short liquidation periods, and access to multiple trading venues — Fitch warns that cyberattacks could restrict access to collateral and delay its sale even amid high overall market liquidity. The agency assesses that the incident itself does not change its analytical view of such instruments, but further analysis may strengthen the evidence that bitcoin market liquidity and infrastructure have become more resilient as the asset matures.