Binance denies selling crypto as bitcoin rebounds from weekend slide
Heavy selling across digital assets pushes bitcoin to its lowest level since July before the token recovers part of the decline. The move triggers about $2 billion in crypto liquidations over 24 hours and adds to pressure on a market already facing sustained ETF outflows.
Highlights
- Binance CEO Changpeng Zhao denies that the exchange sold bitcoin or other crypto assets during the latest downturn, stating he personally bought more.
- Bitcoin rebounds from a weekend low of about $62,000 to $64,910, but remains down 14.2% over the past week, while ether drops 18.2% and Solana falls 19.7%.
- Crypto liquidations reach $2.02 billion between Saturday and Sunday, with $1.68 billion in longs wiped out, while U.S. spot bitcoin ETFs see $1.91 billion net outflows over seven sessions.
Market selloff and Binance response
As reported by The Block, Binance co-founder Changpeng "CZ" Zhao says the exchange is not selling bitcoin or other crypto assets during the latest market downturn.Zhao posts on X that Binance has not sold crypto and adds that he has bought some himself in recent days. His comments come after bitcoin drops to about $62,000 over the weekend, its lowest level in four months, before recovering to around $64,910 by late Sunday afternoon. Over the past week, bitcoin remains down 14.2%, while ether falls 18.2% to $1,815 and Solana loses 19.7% to $71.68.
Zhao also rejects speculation that selling is linked to Binance's record-breaking hack on Oct. 29. He points instead to withdrawals from U.S. spot bitcoin ETFs, expectations of another Federal Reserve rate hike, possible cash needs tied to Anthropic's planned IPO, and broader security concerns after the October hack.
Liquidations and broader market pressure
Crypto liquidations total $2.02 billion from 8 a.m. ET Saturday to 8 a.m. ET Sunday, according to CoinGlass hourly data. Long positions account for $1.68 billion of that amount, while short positions make up $342.4 million.By about 4:30 p.m. ET Sunday, CoinGlass's live 24-hour tally falls to $742.9 million as prices recover modestly. The volatility adds to a weak flow backdrop for the sector, with U.S. spot bitcoin ETFs recording $1.91 billion in net outflows over seven straight trading days through Friday and spot ether ETFs losing $398.9 million last week, their seventh consecutive week of withdrawals.
As highlighted earlier, our coverage of the historic crypto selloff traced how ETF outflows and liquidations drained Bitcoin and Ethereum demand.
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
