Markets
After the Binance shock, a crypto market that slides without capitulating
In the wake of the turbulence related to Binance, bitcoin retreats without a sharp break while ether holds up better. Outflows from spot ETFs nevertheless highlight a cautious repositioning by investors.
On November 2, 2026, bitcoin closed around 68 370 € (approximately 76 674 $), down about 1.9% on the day in UTC. During the session, the main cryptocurrency traded in a range of roughly 68 300 € to 70 170 € (76 584 $ to 78 687 $), reflecting an orderly slide rather than a panic move. In the wake of the confidence shock around Binance, this measured pullback illustrates a market under pressure but still far from a widespread capitulation.
Over the past 24 hours, several intraday indicators show a gradual retreat of bitcoin from near 69 580 € (78 000 $) to around 68 670 € (77 000 $). This gradual move is observed in a context where the total market capitalization of crypto assets is estimated at close to 2,28 T€ (2,56 T$), with bitcoin dominance around 59.9%. The current decline therefore looks more like consolidation than a break in the underlying trend.
Ether appears slightly more resilient. Over the same period, its price remained contained between about 1 990 € and 2 060 € (2 235 $ to 2 307 $), marginally outperforming bitcoin in percentage terms. This relative behaviour suggests a partial reallocation of flows toward the most liquid altcoins, as investors arbitrate between direct bitcoin exposure, related assets and major platforms after the Binance episode. Rotation remains limited, however, a sign of persistent caution.
According to a market report dated November 2, 2026, spot bitcoin ETFs have recently recorded net outflows of several hundred million euros (equivalent in dollars), with a negative weekly trend for BTC‑related flows. These sell‑offs confirm a gradual disengagement by part of institutional or regulated investors. Combined with the controlled slide in prices, they paint a picture of a market reorganizing under the constraint of counterparty risk, without a sudden collapse but without a clear appetite for a new rally.
For the ecosystem, this phase provides important indications about the structure of post‑Binance flows. Ether’s relative resilience, bitcoin’s still-high dominance and the orderly correction in prices suggest a base of long‑term buyers still present, but more selective. The coming days will be decisive to determine whether ETF selling pressure continues or whether new buyers take advantage of this measured pullback to rebuild positions, in an environment of weakened confidence.