Ethereum Eyes $2,000 Test as $6.3B Binance Hack Spooks Crypto Traders

Ethereum is slipping again. ETH traded near $2,244 on Friday, down 3.2% in 24 hours, as a huge Binance security incident pushed the wider crypto market into the red.

Bitcoin fell more than 2.75% to about $78,520 and briefly dipped toward $76,000. BNB dropped 5.09% to $715.46. XRP and Solana lost slightly more.

Binance Hack Weighs on Sentiment

Binance said on Thursday that the incident hit roughly $6.3 billion in crypto assets. That is larger than the $1.5 billion Bybit hack in 2025, which was linked to North Korea.

Onchain Lens reports the hacker moved 17.26K ETH, worth $38.82 million, to a new wallet. The goal may be to launder funds through Tornado Cash and other mixers.

The attacker still holds 480.72K ETH, about $1.08 billion, that cannot be frozen. That overhang alone can keep buyers cautious.

Chart Points to $2,000 as the Next Test

Ethereum lost the $2,385 support level. It also appears to have broken out of a right-angled ascending broadening pattern on the daily chart.

That pattern points to a possible move toward $2,000. The chart marks $1,976.65 as the next level below.

On October 28, Ethereum neared $2,400, and on-chain transaction volume jumped past $100 billion. Then the price was rejected and slid back under $2,300.

Whales Sell While Exchange Balances Climb

As per Santiment data, Large holders cut their positions by roughly 160,000 ETH over the past few days. That is worth more than $348 million.

Whale holdings peaked near 26.05 million ETH on October 26. They have been lower since.

At the same time, Ethereum held on exchanges rose by 100,000 ETH, about $240 million. The balance now sits near 6.03 million ETH.

More coins on exchanges means more supply within reach of sellers. It does not prove they will sell, but it adds pressure.

ETF Outflows and Fear Add to the Mood

Ethereum ETFs saw a net outflow of $105.48 million on October 29. Total value traded was $711.58 million.

BlackRock's ETHA had the biggest outflow at $71.68 million. Fidelity's FETH was the only major fund with a gain, at $2.90 million.

The long-term picture is still solid. Cumulative net inflows stand at $12.44 billion, and net assets are $13.98 billion, or 5.07% of ETH's market cap.

The Fear & Greed Index reads 30, which is Fear. It was 51 yesterday, 50 last week, and 71 a month ago.

Derivatives Show a Bearish Lean

Futures volume is $76.41 billion, while spot volume is only $4.66 billion. Open interest fell 2.95% to $28.96 billion.

The overall long/short ratio is 0.9581, a slight edge for shorts. Over 24 hours, liquidations reached $359.05 million.

Longs took most of the damage at $304.71 million. Shorts lost $54.34 million.

Some ratios still lean long. Binance ETH/USDT accounts show 3.279, OKX shows 2.86, and Binance top trader positions show 1.742. That mix suggests many traders were caught on the wrong side.

What Comes Next for ETH

If $ETH stays below $2,385 while exchange balances stay high, $2,000 is the downside level to watch. A bounce there could attract buyers, but that is not guaranteed.

A move back above $2,391 would ease some pressure. The next hurdle after that is $2,480.19.

Hack headlines, whale moves, and ETF flows can change the mood fast. Traders may want to track all three in the days ahead.

Disclaimer

This article is for informational purposes only and is not financial, investment, or trading advice. Cryptocurrency prices are highly volatile, and you can lose some or all of your money. Past performance does not guarantee future results. Do your own research and speak with a licensed financial advisor before making any investment decision.