DWF Labs: Binance hack did not show widespread contagion; net outflows decreased to $458 million.

Martin Lee, head of market insights at DWF Labs, said that Binance is able to absorb the losses from the theft through its own balance sheet, the incident has not had a widespread contagion effect, and investors have turned their attention to the impact of the US midterm elections. According to DefiLlama data, Binance saw a net outflow of $458 million in the 24 hours leading up to the report, down from $6.1 billion on November 2nd. Bitfinex analysts believe the market has largely absorbed the impact of the hack, and whether Bitcoin can confirm a bottom depends on the US CPI data released on November 10th.