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

By CoinDesk

Binance reopened withdrawals on Sunday, three days after enduring a $6.3 billion hack. Customers pulled a net $3.64 billion on the first day, the exchange said, and added that it has replaced about 95% of the stolen funds from its own reserves.

Bitcoin has held up, trading near $78,000 on Monday. “Exchange hacks always weigh on the market, but today sell-offs tend to be moderate, as deep institutional presence absorbs the shock,” Alex Ryzhkin, chief commercial officer at B2BINPAY, told CoinDesk.

“If withdrawals continue smoothly, BTC can stabilize at $76-80K next week and head back toward $82K by the weekend.”

Tuesday’s U.S. midterms and Friday’s jobs report lead the calendar, while the Reserve Bank of Australia and the Bank of England are both expected to raise rates

What to Watch

(All times ET)

  • Crypto
    • Nov. 3: U.S. midterm elections. Control of Congress could shape the prospects for pending crypto legislation and oversight of the industry.
    • Nov. 4: Comments due on a FinCEN proposal that would bar covered U.S. 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.
  • Macro
    • Nov. 2, 10 a.m.: U.S. ISM Manufacturing PMI for October est. 54.6 (Prev. 54.5).
    • Nov. 2,11:30 p.m.: Reserve Bank of Australia interest rate decision est. 4.85% (Prev. 4.6%)
    • Nov. 3, 10 a.m.: U.S. JOLTS Job Openings for September est. 7.13M (Prev. 7.079M).
    • Nov. 4, 5 a.m.: Eurozone CPI YoY for October, flash estimate (Prev. 3.8%).
    • Nov. 4, 8:30 a.m.: U.S. Trade Balance for September est. -$108B (Prev. -$105.6B).
    • Nov. 4, 10 a.m.: U.S. ISM Services PMI for October est. 54.8 (Prev. 54.9).
    • Nov. 5, 5 a.m.: Eurozone PPI MoM for September (Prev. 1.9%); PPI YoY (Prev. 8.2%).
    • Nov. 5, 7 a.m.: Bank of England interest rate decision est. 4% (Prev. 3.75%)
    • Nov. 5, 8:30 a.m.: U.S. Nonfarm Productivity QoQ for Q3, preliminary (Prev. 1.4%); Unit Labor Costs QoQ (Prev. 1.2%).
    • Nov. 5, 8:30 a.m.: U.S. Initial Jobless Claims for the week ending Oct. 31 est. 195K (Prev. 194K).
    • Nov. 6, 8:30 a.m.: U.S. Nonfarm Payrolls for October (Prev. 29K); Unemployment Rate (Prev. 4.2%).
    • Nov. 6, 10 a.m.: University of Michigan Consumer Sentiment Prel for November (Prev. 48.0).
  • Earnings
    • Nov. 2: Cipher Digital (CIFR), pre-market, -$0.19
    • Nov. 3: Block (XYZ), post-market, $0.96
    • Nov. 4: Riot Platforms (RIOT), pre-market, -$0.29
    • Nov. 4: Circle Internet Group (CRCL), pre-market, $0.38
    • Nov. 4: Hut 8 (HUT), pre-market, -$1.20
    • Nov. 5: Core Scientific (CORZ), pre-market, -$0.01
    • Nov. 6: TeraWulf (WULF), pre-market, -$0.32

Token Events

  • Governance Votes and Calls
    • Cratos DAO is voting on whether to extend its current token reward standard deadline to November 30, 2026. Voting ends November 2.
    • Stake DAO is 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 is voting to approve the Governor Nexus update and trigger its external audit. Voting ends November 3.
    • Compound will vote to withdraw 42,000 USDC and 90 WETH in reserves from its deprecated Unichain markets and bridge them back to Ethereum Mainnet. Voting runs from October 31 to November 3.
    • Optimism is voting to replace its Security Council cohort elections with a nomination system. Under the new rules, the Security Council Lead will nominate members, who are automatically seated unless vetoed by 20% of the OP supply. Voting ends November 4.
    • Arbitrum DAO is voting to resume Stylus smart contract activations by requiring new deployments to pass a limited security audit. Voting ends November 5.
  • Unlocks
    • 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.
  • Token launches
    • Nothing scheduled.

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