Despite Binance's resumption of withdrawals, $3.6 billion net outflow occurs, with ripple effects spilling over into the ETF market. The focus of the cryptocurrency market has shifted to how fully Binance can restore normal operations following its largest-ever unauthorized withdrawal incident. Binance has gradually resumed withdrawals that were halted after the hacking incident, completing the restart for the first batch of 15 networks and assets. Within approximately 9.5 hours after resumption, withdrawals totaled $4.649 billion, while deposits amounted to $1.01 billion, resulting in a net outflow of about $3.64 billion—equivalent to roughly 2.1% of the platform’s total assets under custody. The incident originated from unauthorized access detected on October 29. Binance estimated the loss at approximately $6.3 billion and stated it had frozen about $3 billion worth of assets on the blockchain. The company has pledged to compensate users using its User Protection Fund and corporate funds, and has already secured the necessary capital for compensation. Although no impact on customer assets has been confirmed for its Japanese subsidiary, exchanges and users both domestically and internationally have renewed vigilance regarding verification of withdrawal destinations and suspicious communications. The market impact extends beyond the exchange itself: U.S. spot Bitcoin ETFs recorded a net outflow of $643.3 million on Friday—the largest in four months—while spot Ethereum ETFs saw a net outflow of $155.9 million. Although ETF holdings are typically managed by regulated custodians and do not carry direct credit exposure to Binance, the massive unauthorized withdrawal may have chilled investor sentiment and triggered short-term risk-averse behavior. A key feature of this incident is that it highlights operational and internal governance risks associated with centralized exchanges—not a network-level failure of cryptocurrencies themselves. While the underlying blockchains of Bitcoin and Ethereum remain unaffected, this event once again demonstrates that exchange withdrawal systems, access controls, employee devices, and integrations with external services are viable attack vectors. Given that major exchanges underpin overall market liquidity, even a single firm’s incident can easily ripple through ETF flows, spot prices, derivatives markets, and stablecoin movements. Three key areas will be closely watched going forward: First, how safely Binance can resume withdrawals for its remaining networks. Second, whether tracking and recovery efforts will progress beyond the already-frozen assets. Third, whether the outflows from U.S. ETFs will remain a temporary reaction to caution or trigger a broader institutional reallocation of capital. In the cryptocurrency market, price rebounds alone cannot be taken as proof that concerns over security have been resolved. Transparency in exchange reserve disclosures, third-party audits, and withdrawal controls will likely determine the pace of trust restoration in the near term.