Wintermute: After the Binance incident, the market remains weak in the short term, with 76800 USD as the next key support.
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Wintermute said the market was weak in the short term after the Binance hack, and Bitcoin's next key support is around 76,800 USD.
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Wintermute: Market Remains Weak in the Short Term After Binance Incident, 76800 USD Is the Next Key Support
PANews November 3 reports that crypto market maker Wintermute noted in its latest market report that last week’s main market direction was determined by the Binance hack rather than the Federal Reserve and PCE data. Binance lost approximately 6300000000 USD on October 29, reportedly linked to TraderTraitor associated with North Korea, with about 3000000000 USD already frozen. Post-incident liquidations reached 1500000000 USD, around 85% of which were long positions. Wintermute believes that the bottom-fishing funds after this round of decline mainly come from leveraged perpetual contracts, lacking support from spot buying and new capital inflows, leaving the market still weak in the short term. Wintermute stated that Bitcoin has fallen below the key 80000 USD level and is currently observed near 78000 USD, with the 50-week moving average around 76800 USD serving as the next support. If Bitcoin recovers and holds above 80000 USD, and buying comes from spot markets and ET...
PANews reports that crypto market maker Wintermute noted in its latest market report that last week’s main market direction was determined by the Binance hack, rather than by the Federal Reserve and PCE data.
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The original text states that Binance lost approximately 6300000000 USD on October 29, allegedly related to TraderTraitor, and about 3000000000 USD has been frozen.
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The original text states that after the event, the liquidation amount reached 1500000000 USD, of which approximately 85% were long positions.
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Wintermute believes that the bottom-fishing capital following the decline mainly comes from leveraged perpetual contracts, lacking support from spot buying and new funds, so the market remains weak in the short term.
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Wintermute said that Bitcoin has fallen below 80,000 USD and is currently being watched near 78,000 USD, with the 50-week moving average at about 76,800 USD serving as the next support.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
The report quoted Wintermute’s market assessment: following the recent decline, the capital entering the market is mainly leveraged perpetual contracts, while spot buying and new funds are insufficient, so the rebound’s foundation is considered not solid enough. The report views Bitcoin’s 50-week moving average of around 76,800 USD as the next support level.
Why it matters to readers
If the market is primarily driven by leveraged funds, price volatility and liquidation risk may attract more attention; 80,000 USD and approximately 76,800 USD are the observation levels proposed in the report, but they are not price guarantees.
Beginners can understand “support” as a price area where analysts believe buying pressure may strengthen, rather than an absolute floor that will never be breached; leveraged perpetual contracts amplify both gains and losses.
Risks and unknowns
The main text of the report is truncated at “spot and ET...”, so the full conditions and conclusions cannot be confirmed.
Binance’s losses, frozen funds, liquidation scale, and long-position ratio were all not supported by primary evidence.
TraderTraitor’s claims related to North Korea are qualified by “allegedly,” and no evidence is provided to verify the basis.
76,800 USD is the support level identified in Wintermute’s report; it remains uncertain whether the price will stabilize here going forward.
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Related concepts
Spot buying
This term is not in the glossary yet. Browse related concepts in the glossary.
A derivative contract with no expiration date, designed for continuous holding, whose funding rate mechanism helps keep its price close to that of the underlying asset.
