Binance Restores HYPE and APT Withdrawals as Cryptoquant Shows Reserve Declines

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Binance Restores HYPE and APT Withdrawals as Cryptoquant Shows Reserve Declines

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Bitcoin Ethereum Altcoins

Binance reopened HYPE and APT withdrawals on Nov. 8, ahead of its announced target, as it recovers from the $6.3 billion October hack. Cryptoquant data shows the exchange's bitcoin, ethereum and Ethereum-based stablecoin reserves substantially lower than before the attack, though daily withdrawal pressure appears to be easing.

Binance restored withdrawals for HYPE and APT on Sunday, Nov. 8, ahead of schedule. The exchange had committed on Nov. 6 to reopen HYPE, APT, INJ, PLASMA, NEAR and LTC by the end of the following week.

According to Binance: "Withdrawals have now been re-enabled for the following networks and assets: HYPE, APT." The other withdrawal routes remain subject to individual security assessments.

Binance reserves sit below pre-hack levels

Cryptoquant metrics through Nov. 8 show Binance's bitcoin reserves falling from approximately 730,000 BTC to 673,700 BTC, a decline of roughly 56,000 BTC, or 7.7%. Ethereum reserves dropped from approximately 3.48 million ETH to 3.08 million ETH, a reduction of 400,000 ETH, or 11.5%.

Ethereum-based stablecoin reserves took the largest proportional hit. They declined from approximately $41 billion before the attack to $32 billion by Nov. 8, a drop of approximately $9 billion, or 22%.

However, the latest daily readings point to stabilization. Stablecoin netflows were positive at approximately $27.9 million, and bitcoin netflows were positive at approximately 1,300 BTC. Ethereum netflow remained negative at approximately 5,500 ETH.

HYPE trades near $75 as shorts build

The reopening came after a pause that, according to AMBCrypto, took the exchange 10 days to resolve. HYPE had been bearish since the hack, and AMBCrypto reports it fell by over 12% in the last seven days.

Derivatives positioning leans the same way. AMBCrypto says Abraxas holds a $77.60 million HYPE short position, the firm's second-largest short.

At the time of writing, HYPE was trading at around $75, a level AMBCrypto describes as critical support since late August. If bears break below it, the outlet says, HYPE could fall to $70 or $60.

Sources: Bitcoin News, AMBCrypto

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