Binance Hacked Fears Spark Crypto Bloodbath: Where to Buy the Dip?

Binance hacked fears rattled the crypto market on Oct. 29. Bitcoin slipped below $78,000 for the first time in 1.5 months.

Binance has not called the event a hack. The exchange said it is investigating a potential security issue and that user funds are safe.

What We Know About the Binance Wallet Movement

As of 5:52 p.m. ET, billions in unusual transfers from Binance-labeled wallets had sparked fears of a hack. The situation is still developing.

Santiment said its exchange-flow data caught the move within the hour. USDT leaving exchanges in the 20:00 UTC hour was more than 8x the next-largest hour since Oct. 27.

ETH outflows in the same hour ran about 3x the next-largest hour.

Santiment also gave a warning for anyone reading flow charts. A record outflow usually means coins moving into self-custody. This one is not that.

The bulk went from Binance hot wallets to newly created addresses. Frozen funds also show up as outflow.

Tether and Circle have frozen more than $2.3 billion in related stablecoins. Another 200 million USDT reportedly moved at 5:44 p.m. ET.

The total amount stolen has not been confirmed.

Crypto Fear and Greed Index Drops to 30

Sentiment turned sour fast. The Crypto Fear and Greed Index now reads 30, which is in the Fear zone.

It was at 51 yesterday and 50 last week. Last month it stood at 71, in the Greed zone.

Liquidations Pass $1.5 Billion

Traders paid a high price. CoinGlass data shows $1.51 billion in liquidations over 24 hours, and 237,410 traders were hit.

Bitcoin led with $476.59 million, followed by Ethereum at $363.50 million. Other coins added $176.63 million.

Longs took most of the pain. They made up 84.8%, or $1.28 billion, while shorts were 15.2%, or $230.79 million.

Binance had the largest share at 49.9%. The biggest single order was $11.09 million on the BTCUSDT pair.

Some traders on social media noted the timing. The record liquidation event came on Oct. 10, 2025, almost one year ago. That is a coincidence at best, and nothing proves a link.

Bitcoin (BTC) Slips Toward the 200-Day Average

Bitcoin was rejected after retesting its 50-day moving average as resistance. It then fell toward $78,000, with the daily chart showing about $78,936 at the time.

Analyst Ali Charts is watching the 200-day moving average near $73,000. That is where he plans to reassess a BTC dip buy.

If the Binance hacked story fades, that level may hold. If more bad news comes, it could be tested.

Ethereum (ETH) Faces Whale Selling

Ethereum fell below $2,200 for the first time in 2 months. It was rejected near $2,400 on Oct. 28, when on-chain transaction volume surged past $100 billion.

Large holders cut their positions by roughly 160,000 ETH, worth more than $348 million, over the past few days.

At the same time, ETH held on exchanges rose by 100,000, worth roughly $240 million. That puts more coins within reach of sellers.

The chart looks weak too. ETH lost $2,385 support and appears to have broken out of a right-angled ascending broadening pattern on the daily chart.

That pattern points to $2,000. It could become a buying area if ETH finds support there, though nothing is guaranteed.

XRP Touches $1.20

XRP touched $1.20 for the first time in 2 months. It has traded inside a parallel channel since February.

During the sell-off, it breached the channel's mid-range support. If XRP cannot reclaim that level, the next area to watch is the lower boundary near $1.

What Traders Watch Next

The dip-buy map from Ali Charts is simple: BTC near $73,000, ETH near $2,000, and XRP near $1.

These are levels to watch, not signals. Prices can break through them just as easily.

The next news from Binance, Tether, and Circle may matter more than any chart. Until the Binance hacked reports are confirmed or cleared, volatility looks likely.

Disclaimer

This article is for information only and is not financial advice. Cryptocurrency prices are highly volatile, and you can lose some or all of your money. Price levels mentioned are analyst views, not guarantees. Do your own research and speak with a licensed financial advisor before making any investment decision.