Crypto Week Ahead: Binance Hack Fallout, US Midterms and Jobs Report Lead the Calendar

A busy week for crypto: elections, rate decisions and a recovering exchange

The week starting Nov. 2 brings a full calendar for crypto markets. Binance, a large cryptocurrency exchange, has reopened withdrawals three days after a $6.3 billion hack. In the United States, midterm elections on Tuesday and a monthly jobs report on Friday are the main macroeconomic events that could move digital asset prices.

The Reserve Bank of Australia and the Bank of England are both expected to raise interest rates this week. Rate decisions can affect crypto markets because they influence how much money is available for riskier investments.

The main points to know

• Binance reopened withdrawals on Sunday, three days after a $6.3 billion hack.
• Customers withdrew a net $3.64 billion on the first day, according to the exchange.
• Binance says it has replaced about 95% of the stolen funds from its own reserves.
• Bitcoin was trading near $78,000 on Monday, per CoinDesk.
• US midterm elections take place Nov. 3 and the October jobs report is due Nov. 6.
• Zcash's NU7 upgrade is expected to activate Nov. 5.

Where Binance stands after the hack

Binance reopened customer withdrawals on Sunday after the $6.3 billion hack. The exchange said customers pulled a net $3.64 billion on the first day and that it has replaced about 95% of the stolen funds using its own reserves. Bitcoin has held up through the fallout and was trading near $78,000 on Monday.

Alex Ryzhkin, chief commercial officer at B2BINPAY, told CoinDesk that exchange hacks always weigh on the market, but sell-offs today tend to be moderate because deep institutional presence absorbs the shock. He also suggested bitcoin could stabilize in a range and recover if withdrawals continue smoothly. That is his opinion, not a confirmed outcome.

Crypto events on the calendar

• Nov. 3: US midterm elections. Control of Congress could shape the prospects for pending crypto legislation and oversight of the industry.
• Nov. 4: Comments are due on a proposal from FinCEN, the US financial intelligence agency, that would bar covered US financial institutions from transmitting funds involving the Russia-linked A7 Network's sub-agents.
• Nov. 4: Kenya's one-year grace period ends for crypto firms that were already operating when its Virtual Asset Service Providers Act took effect.
• Nov. 5: Zcash's NU7 upgrade is expected to activate at block 3,543,405.

Macroeconomic events to watch

Several data releases could influence digital asset markets this week (all times ET):

• Nov. 2, 10 a.m.: US ISM Manufacturing PMI for October, est. 54.6 (prev. 54.5).
• Nov. 2, 11:30 p.m.: Reserve Bank of Australia rate decision, est. 4.85% (prev. 4.6%).
• Nov. 3, 10 a.m.: US JOLTS job openings for September, est. 7.13M (prev. 7.079M).
• Nov. 4, 5 a.m.: Eurozone CPI year-over-year flash estimate for October (prev. 3.8%). CPI is a main measure of inflation.
• Nov. 4, 8:30 a.m.: US trade balance for September, est. -$108B (prev. -$105.6B).
• Nov. 4, 10 a.m.: US ISM Services PMI for October, est. 54.8 (prev. 54.9).
• Nov. 5, 5 a.m.: Eurozone PPI for September, month-over-month (prev. 1.9%) and year-over-year (prev. 8.2%).
• Nov. 5, 7 a.m.: Bank of England rate decision, est. 4% (prev. 3.75%).
• Nov. 5, 8:30 a.m.: US nonfarm productivity for Q3, preliminary (prev. 1.4%); unit labor costs (prev. 1.2%).
• Nov. 5, 8:30 a.m.: US initial jobless claims for the week ending Oct. 31, est. 195K (prev. 194K).
• Nov. 6, 8:30 a.m.: US nonfarm payrolls for October (prev. 29K); unemployment rate (prev. 4.2%).
• Nov. 6, 10 a.m.: University of Michigan consumer sentiment preliminary reading for November (prev. 48.0).

Crypto company earnings this week

• Nov. 2: Cipher Digital (CIFR), pre-market, est. -$0.19
• Nov. 3: Block (XYZ), post-market, est. $0.96
• Nov. 4: Riot Platforms (RIOT), pre-market, est. -$0.29
• Nov. 4: Circle Internet Group (CRCL), pre-market, est. $0.38
• Nov. 4: Hut 8 (HUT), pre-market, est. -$1.20
• Nov. 5: Core Scientific (CORZ), pre-market, est. -$0.01
• Nov. 6: TeraWulf (WULF), pre-market, est. -$0.32

Governance votes on the agenda

Several decentralized autonomous organizations, or DAOs, which let token holders vote on project decisions, have votes ending this week:

• Cratos DAO: Voting on whether to extend its current token reward standard deadline to November 30, 2026. Voting ends November 2.
• Stake DAO: Voting to retire 16 legacy products, disable new deposits, and set a six-month claim deadline for legacy Pendle airdrop rewards. Withdrawals will remain open indefinitely. Voting ends November 2.
• ENS DAO: Voting to approve the Governor Nexus update and trigger its external audit. Voting ends November 3.
• Compound: Voting to withdraw 42,000 USDC and 90 WETH in reserves from its deprecated Unichain markets and bridge them back to Ethereum mainnet. Voting runs October 31 to November 3.
• Optimism: Voting to replace its Security Council cohort elections with a nomination system. Under the new rules, the Security Council Lead would nominate members, who are automatically seated unless vetoed by 20% of the OP supply. Voting ends November 4.
• Arbitrum DAO: Voting to resume Stylus smart contract activations by requiring new deployments to pass a limited security audit. Voting ends November 5.

Token unlocks and upcoming conferences

Two notable token unlocks, when previously locked coins become available to sell or trade, are scheduled:

• Nov. 5: Ethena (ENA) to unlock 0.88% of its circulating supply, worth $17.86 million.
• Nov. 6: Hyperliquid (HYPE) to unlock 0.08% of its circulating supply, worth $16.77 million.

No token launches are scheduled. Four crypto conferences also take place this week: Hong Kong FinTech Week x StartmeupHK (Nov. 2–6), Devcon 8 in Mumbai (Nov. 3–6), Bitcoin Amsterdam (Nov. 5–6) and ETHGlobal Mumbai (Nov. 5–7).

What is confirmed and what is not

The Binance withdrawal reopening, the outflow figure, the statement about replacing stolen funds, and the calendar items above come from CoinDesk's reporting and the exchange. The expected rate hikes by the Reserve Bank of Australia and the Bank of England are estimates, as are the economic forecasts listed. The analyst's view that bitcoin could stabilize in a range is opinion, not a confirmed price forecast.

Sources

• CoinDesk — Binance hack fallout, U.S. midterms and jobs report: Crypto Week Ahead

Read also: Bitcoin climbs toward $79,000 as markets steady after record $6.3 billion Binance hack