Kaupr Daily — Tuesday 3 November 2026
Good morning!
Wall Street's AI-spending jitters and a deepening chip-stock rout pushed the Nasdaq into correction territory and dragged bitcoin below $77,000, even after Monday's 7% oil slide failed to spark a rally. But crypto itself looks far from panicked: Binance's $4.7 billion in post-hack outflows look orderly rather than a run, OKX pulled in the day's biggest exchange inflow, and Strategy, Strive and Bitmine kept adding to their treasuries even as bitcoin and ether ETFs extended a milder outflow streak of their own. South Korea's regulators, meanwhile, moved to tighten exchange security in the hack's aftermath.
Some stories in Kaupr Daily:
💎 Bitmine's Tom Lee called the market's muted reaction to the Binance hack "very constructive."
💎 CZ says Binance has now allocated 100% of the funds — the last 5% is just slow to convert.
💎 South Korea's regulators held an emergency meeting with exchanges, pushing for more cold storage after the hack.
— Morten
Stocks and bitcoin fall together as tech-spending worries deepen
US stock rally collapses after Cramer's "biggest tech takeout" call
Stocks added $700 billion in value by mid-morning Monday after oil fell to $104 on hopes of US-Iran peace talks, with the Nasdaq 100 up 1.3% and the Dow up more than 1%. The rally reversed shortly after CNBC's Jim Cramer posted "biggest tech takeout," referring to Marvell's $115 billion bid for Lumentum, as AI-spending worries resurfaced.
Why it matters: Investors quickly returned to the question that erased more than $2 trillion from the Nasdaq 100 in October — how long Big Tech can keep spending on AI without showing sufficient returns.
Source: US Stock Market Fails To Recover as $700 Billion Comeback Collapses — BeInCrypto
Chip stock rout deepens, dragging Asia and bitcoin down with it
A gauge of US chipmakers extended a three-day slide to 12% early Tuesday, pulling the Nasdaq 100 about 10% off its peak — meeting the usual definition of a correction — while South Korea's Kospi fell more than 3%. Bitcoin followed the risk-off mood lower, dropping about 2% to just under $77,000 in Asia trading, erasing Monday's rebound.
Why it matters: Investors were still waiting on the first US midterm results, due as Asian markets opened Wednesday — a result that could set the tone for both tech stocks and crypto for the rest of the week.
Source: Bitcoin drops below $77,000 as chip rout deepens ahead of U.S. midterm vote — CoinDesk
Bitcoin fails to rally even as oil drops 7% on Iran hopes
Bitcoin fell about 1.7% on Monday, slipping back below $78,000 and then $77,000, even as WTI crude dropped more than 7% to near $96.50 on hopes of a diplomatic end to the US-Iran conflict. Analysts pointed to support near $76,000–$76,600 and resistance at $79,500–$80,500, with a break lower bringing the 50-week average near $75,700 into view.
Why it matters: Gold told the opposite story, rebounding about 2% from a 13-month low — a sign investors were rotating into traditional havens rather than bitcoin despite the oil-driven relief.
Source: Bitcoin risks drop below $76K as 7% oil slide fails to spark BTC price rally — Cointelegraph
Binance outflows continue, while OKX leads exchange inflows
Binance clients pull $4.7 billion after the hack
Binance customers have withdrawn a net $4.72 billion since the exchange reopened withdrawals Sunday, after hackers stole about $6.3 billion from its platform — among the largest financial heists on record. Binance said the net outflow equals about 3% of its assets, mostly in Tether's USDT, and that it has raised $6 billion to cover losses.
Why it matters: Analysts say the scale is modest next to past shocks — $7 billion left Circle's USDC over a week after Silicon Valley Bank's 2023 collapse — suggesting customer confidence has largely held, even if institutional appetite for crypto could still cool.
Update: CZ said Monday that Binance has allocated 100% of the funds — the remaining 5% is tied up converting less liquid tokens, which is taking time. — @cz_binance
OKX tops the exchange inflow table with $445 million
OKX recorded about $445 million in net inflows over 24 hours, the largest of any tracked crypto exchange, according to DefiLlama. Bybit followed with $112 million, Gate with $91 million and Bitget with $54 million. OKX still holds far less in total assets than the biggest platforms, with DefiLlama putting its wallet holdings at about $29 billion.
Why it matters: OKB, OKX's token, rose about 1.4% on the day to near $113, tracking one of the exchange's strongest inflow days in recent memory.
Source: OKX Leads Crypto Exchanges with $445M in Daily Inflows — Cointelegraph
US bitcoin and ether ETFs extend their outflow streak
US bitcoin ETFs lose $399 million as ether outflows hit a sixth day
US spot bitcoin ETFs saw $398.6 million in net outflows on Monday, almost all from BlackRock's iShares Bitcoin Trust, while the rest of the funds were collectively slightly positive. Spot ether ETFs lost $140 million, a sixth straight day of redemptions, after October set a record $1.61 billion outflow month that reversed three months of inflows.
Why it matters: Ether ETFs, at about $13.2 billion in assets, are seeing proportionally larger outflows than bitcoin's $98–100 billion in ETF assets — a sign sentiment has turned faster against ether.
Source: US Bitcoin ETFs see $399M in outflows, Ether funds lose $140M — Crypto Briefing
Strategy, Strive and Bitmine keep adding to their treasuries
Strategy buys another 811 bitcoin for $65.5 million
Strategy disclosed in a Monday SEC filing that it bought 811 bitcoin for about $65.5 million between October 26 and November 1, at an average price of $80,846, after a week-long pause. The purchase was funded through sales of Class A stock, taking total holdings to 849,327 BTC — more than 4% of bitcoin's supply cap.
Why it matters: Michael Saylor had previewed the purchase a day earlier with the caption "We found room for even more orange," days after Strategy reported $19.5 billion in Q3 net income.
Source: "We found room for even more orange": Michael Saylor's Strategy scoops up another 811 bitcoin for $65.5 million — The Block
Strive edges toward becoming the second-largest public bitcoin holder
Bitcoin treasury company Strive bought 124 bitcoin for about $10 million between October 24 and 30, a fraction of its $1.25 billion October buying spree, taking its total to 43,124 BTC. CEO Matt Cole said most of the purchase was funded from existing cash, and it was the first use of Strive's new $1 billion preferred-stock program.
Why it matters: Strive currently ranks fourth among public bitcoin holders, behind Metaplanet, Twenty One and MARA, and would need to buy fewer than 100 BTC a week for the rest of the year to pass Metaplanet into second place.
Source: Strive inches closer to becoming second-largest public bitcoin holder after latest $10 million buy — The Block
Bitmine adds 8,573 ether as Tom Lee calls the market's reaction "constructive"
Bitmine Immersion Technologies bought 8,573 ether over the past week, raising its holdings to 6,060,506 ETH — about 4.9% of ether's total supply, worth roughly $13.7 billion. Chairman Tom Lee said ether's roughly 4% drop after the Binance hack, versus an 8% drop after the 2025 Bybit theft, was "very constructive" for the market.
Why it matters: Bitmine has staked about 86% of its ether position and projects $358 million in annualised staking revenue, making the muted hack reaction directly relevant to its own balance sheet.
Source: Bitmine adds 8,573 ETH as Tom Lee flags muted Binance hack reaction — The Block
Regulators tighten exchange security after the Binance hack
South Korea urges exchanges to boost cold storage after Binance hack
South Korea's Financial Services Commission held an emergency meeting with regulators and major exchanges after the Binance hack, urging firms to hold more customer assets offline, monitor withdrawals continuously and set aside extra reserves. Local law already requires at least 80% cold storage; Upbit holds 99.17%, Bithumb 94.76% and Coinone 85%, per Financial Supervisory Service data.
Why it matters: Attackers moved most of the $6.3 billion stolen from Binance in roughly 20 minutes, according to TRM Labs — a speed regulators now want exchanges built to withstand.
Source: South Korea urges exchanges to boost cold storage after Binance hack — Cointelegraph
From Kaupr Analysis
Virtune's Andreas Severin on why the hack makes the case for MiCA regulation of crypto exchanges.
Venkat Hrushikesa Varri on bitcoin's range breakdown, ether's broken trendline, and the Binance security breach.
Morten Myrstad's podcast on why permission, not the blockchain, was the real weak point in the Binance hack.
External views, Trendline and Kaupr Weekly — more at kaupr.io/en/analysis.
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Wishing you a great Tuesday — and welcome back tomorrow morning for the next edition of Kaupr Daily.
Best regards
Morten Myrstad
Founder & Editor