Bitcoin Holds Up Better Than Gold Despite $6.3B Binance Hack and $643M ETF Outflow

Bitcoin absorbed one of crypto’s largest security shocks last week while still posting a weekly decline comparable to—and by some measures smaller than—gold’s loss. The contrast is notable because Bitcoin faced several crypto-specific pressures simultaneously. Binance suffered a $6.3 billion security breach, U.S. spot Bitcoin ETFs recorded $643.2 million in net outflows on Friday, and more than $1.3 billion in leveraged crypto positions were liquidated. Yet Bitcoin recovered above $78,000 by Monday after reaching a six-week low during the selloff. The price response looks very different from the collapse surrounding FTX in November 2022. Binance’s weekly BTC/USDT candle for Oct.

Also reported by Bitcoin.com News, Cryptopolitan.

Source: The Crypto Basic