Binance hack sparks heavy outflows as futures traders stay: Santiment

Binance’s $6.34 billion hack has driven heavy cryptocurrency withdrawals and some of Bitcoin’s most negative social sentiment on record, while futures traders have maintained billions of dollars in positions, according to Santiment. Summary Bitcoin sentiment fell to 0.37 positive comments per negative comment following the Oct. 29 breach. Binance-associated wallets recorded roughly 28,316 BTC in net outflows through Nov. 5. Bitcoin and Ethereum futures open interest remained near $8.97 billion and $8.03 billion, respectively. ENA withdrawal activity reached 169 addresses in one hour, compared with the usual 20–25. Santiment’s Nov. 6 report examined exchange flows, social commentary and derivatives activity following the theft, finding that the reaction varied across spot holdings and leveraged positions. While assets left exchange wallets and bearish commentary dominated discussions, the firm described the reduction in Binance futures positions as relatively orderly, given the size of the security failure. Bitcoin withdrawals continue after Binance hack Through Nov. 5, Santiment recorded approximately 28,316 BTC in net outflows from Binance-associated wallets since the attack. With...