After something like Thursday’s Binance robbery, the smart move is to check your safety measures and set your critical alerts. Then you take your loved one on a three-day staycation at a nice hotel nearby. When you come back, you pick up the money trail. This week’s Crypto Tape does that. We ask who ran, where they went, who bought, where the money flowed, and what’s next.
On November 1, Binance reopened withdrawals three days after hackers drained its hot wallets. In the next nine and a half hours, a net $3.64 billion walked out of the world’s largest crypto exchange. Any bank manager would call that a run. CoinDesk reported institutions rushing to pull their coins off exchanges right after the hack.
Institutions and traders kicked up a lot of dust as they moved their Bitcoin to safety. Once the dust settled, the on-chain data revealed that money had left Bitcoin. On Glassnode’s data, realized cap, the dollar value of every coin at the price it last moved, fell in the week to November 1 for the first time since mid-August, and on November 1 the losses sellers booked ran about two and a half times their profits. The spot exchange-traded funds (ETFs) sold $643.2 million on October 30, the day after the theft. That was their biggest one-day outflow since June 25.
Bitcoin closed the week at $78,278, down 2.21%. That close sat 0.67% above Glassnode’s True Market Mean, the average price paid by investors still active in the market. The ETFs’ average entry served as a floor throughout the last push of Bitcoin’s relief rally, all the way up to $87,397. Now it hangs overhead as a ceiling at $81,856. Three more floors are stacked within 3.1% beneath Bitcoin’s price. Basically everything that traded above $75,867 this year is in play. You will find the three floors in today’s Crypto Tape, together with all the major altcoin’s on-chain reads for the week.
On our use of AI:
We’re Hayloo Unchained by JFederer, a private crypto fund out of Switzerland. We built a Neurosymbolic Compound AI System for our own desk: it follows our strategies, it reads the news that affect our portfolio, it sits on a database going back decades, and brings math to our everyday emotions. We call it Hayloo. It’s our best hire. This Substack is compiled by Hayloo and approved by us. It’s published by Hayloo INC., our latest AI startup in Panama.
Humans have written machine-assisted for centuries. What never changes is who decides.
Nothing at Hayloo INC. was ever decided by a machine. What we publish is what we defend as a team. When it’s wrong, it’s wrong because humans signed it.
Jordi Federer, Founder, Hayloo INC. hayloo.org
Our book is short Bitcoin, Ether, and Solana. People behind Hayloo may hold any coin discussed here, in either direction. Nothing here is advice to buy or sell.