Crypto Daily, Nov 5 2026: Shorts Squeezed as BTC Reclaims $80K, BNB Holds After Burn
Crypto spent the first days of November absorbing a nasty shock, and on the morning of November 5 the market finally got a relief move. Here is where things stand, with prices from Binance's public API at about 03:45 Beijing time (19:45 UTC, November 4).
Prices snapshot
- BTC: about $80,160, up roughly 3.3% over 24 hours
- ETH: about $2,418, up roughly 5.6%
- BNB: about $716, up roughly 2.7%
Only a day earlier, Proactive Investors had Bitcoin near $77,100 and BNB near $696, with Bitcoin dominance close to 60%. So the bounce is real, but it only retraces part of the week's damage, as the chart above shows.
Story 1: shorts get squeezed
Per TokenPost, roughly $159 million of positions were liquidated across Binance, Bybit and OKX in a single hour, and 88% of that was shorts. Bitcoin alone accounted for about $96 million. That is the classic signature of a squeeze: traders who piled in on the downside after the Binance incident and the risk-off week got caught when price turned. Squeezes can run further than people expect, but they also fade quickly once the forced buying is done, so watch whether BTC can hold above the $77,000-$78,000 area on a pullback.
Story 2: ETF flows are cooling, not reversing
The same Proactive report notes US spot Bitcoin ETFs saw another net outflow on November 3, about $27 million, with Ethereum funds losing about $11 million. That is small next to the roughly $399 million that left Bitcoin ETFs on November 2. Outflows slowing is not the same as inflows returning, but it removes one source of steady selling pressure.
Story 3: BNB Chain and the 37th burn
Binance completed its 37th quarterly BNB burn, removing about 1.64 million BNB, worth roughly $1.2 billion, according to 24Crypto. BNB dipped toward $686 after the announcement, then recovered above $700 as net inflows absorbed the selling. The report also cites CZ saying Binance recorded $2.8 billion in net inflows after the October security incident.
On the infrastructure side, Binance has been reopening withdrawals in phases, including on BNB Smart Chain, and says about 95% of affected assets have been replenished, per Ad-Hoc News. Separately, headlines on Coinbase's BNB page note that THORChain restarted most swaps, though BNB Smart Chain outbound signing still carried restrictions at that time.
What I'm watching
- Whether BNB holds $700 as support now that the burn is priced in.
- Whether ETF flows turn positive for a few sessions in a row.
- Further news on Binance's recovery progress and any remaining withdrawal restrictions.
One good day does not make a trend. A rebound after a hack-driven selloff is normal, and the real test is how the market behaves when liquidation fuel runs out.
Not financial advice.