Bitcoin’s Missing Retail and What the Binance Data Shows

Two CryptoQuant analyses published November 6 addressed whether retail activity moved from Binance to spot ETFs after hackers drained $6.3 billion from the exchange on October 29. BaykusCharts said CryptoQuant's spot retail indicator, which compares trading frequency with its one-year average and does not count traders, never flagged a surge around Bitcoin's October 2025 record near $126,000 or roughly $60,000 lows this year. Arab Chain reported Binance Bitcoin futures open interest, the value of outstanding contracts, at $8.7 billion, a more than two-month low, though implied BTC exposure was about 114,500 BTC or more versus 113,300 before the hack. US spot Bitcoin ETFs had $399 million in net outflows on November 2, led by about $405 million from BlackRock's IBIT.