Bitcoin Slides to $76,455 as Binance Hack, BlackRock ETF Outflows and Iran Strike Fears Combine

Bitcoin fell to $76,455 during Asian trading on November 3, extending a bruising start to the month as several pressure points converged simultaneously. The cryptocurrency lost roughly 2% in 24 hours, reversing a brief recovery from Monday and dragging broader crypto markets with it.

The dominant shock behind the selloff was a $6.3 billion hack of Binance, the largest crypto exchange breach on record. Although Binance subsequently reported that hourly deposits had begun to exceed withdrawals again, signaling recovering user confidence, the scale of the exploit rattled sentiment across digital assets.

BlackRock's iShares Bitcoin Trust, IBIT, recorded $405.3 million in single-day outflows on November 2, its largest daily withdrawal since June 26, pulling total US spot Bitcoin ETF net outflows to $398.6 million for the day. Traders flagged the $76,400 level as critical support.

Geopolitical tension added to the pressure, with fears of a US strike on Iran weighing on risk appetite alongside hawkish Federal Reserve repricing, Nasdaq weakness, and pre-midterm election positioning. Asian equity markets shed another $500 billion in value in the same session, while gold slipped toward $3,900. One large trader closed a $7.68 million Bitcoin short at an average price of $76,804, having accumulated roughly $38.19 million in losses on the position.