Binance said on Monday that it had completed a new zero-knowledge proof-of-reserves snapshot covering ten assets, but the full report that co-CEO Richard Teng promised for 2 November is not yet published; the exchange now says it needs 40 to 50 more hours to generate the full proof (The Block, 2 November). On the same day, US spot bitcoin ETFs recorded a net outflow of $398.6 million, led by a $405.3 million withdrawal from BlackRock’s IBIT, according to TokenPost. Bitcoin traded at $76,389.68 on Coinbase at 07:04 UTC today.
What Binance published
The snapshot covers BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC, and users can independently verify that their balances are backed one-to-one, The Block reports. It does not name an independent auditor. Co-CEO Yi He said the full proof needs computation after the snapshot, estimating 40 to 50 hours. Binance says it has replenished about 95% of the affected assets with its own funds, that the remaining 5%, in less-liquid tokens, is still being acquired, that it expects to start restoring withdrawals for additional networks and assets on Tuesday, and that another snapshot is planned for Wednesday. Richard Teng said: “We’ve completed the latest Proof of Reserves verification… There’s still work to do, and we’ll continue to communicate our progress openly.”
The timeline has slipped once. Teng said on 30 October that a full proof would come by Monday 2 November; Binance’s third recovery update moved the estimate to Tuesday 3 November (UTC), and the only public reserve data for some time was a snapshot dated 31 October at 00:00 UTC, taken before the withdrawal wave (Bitcoin.com; CryptoTicker).
Scoring our Field Guide #71 checklist so far
Before the report was due, Field Guide #71 set out five checks for reading an exchange’s proof of reserves. The full report is not yet out, so this is a provisional score of what has been published, based on the coverage we could read.
| Check | What the coverage shows | Status |
|---|---|---|
| 1. Who verified it, and how? | The Block says no independent auditor is named; the proof is cryptographic and user-verifiable | Not met (no auditor named) |
| 2. Liabilities as well as assets? | Users can check their own balances are backed 1:1; CryptoTicker saw no per-asset ratios or overall coverage ratio as of 1 Nov | Not yet shown |
| 3. Control of the addresses? | Not described in the coverage we read | Not yet shown |
| 4. Snapshot timing | 31 Oct 00:00 UTC snapshot predates the 1 Nov withdrawal wave; a new snapshot completed 2 Nov; another planned Wednesday | Partly met |
| 5. What is in the reserves? | Ten named assets, including Binance’s own BNB token and stablecoins USD1 and RLUSD | Partly met (list given; composition not shown) |
A zero-knowledge snapshot is a stronger instrument than a plain list of balances because it lets each user check that their own balance is included. It still does not show every claim on the exchange, and a snapshot is only a moment in time. We will score the full report when it appears.
Video: a news explainer on the Binance hack and the frozen funds, published 1 November 2026.
Outflows: the reserves question in numbers
DefiLlama data cited by The Block shows Binance’s 24-hour net outflows falling to about $3.29 billion, down more than 50% from a peak near $7 billion, with a tracker estimating Binance holds about $127.78 billion across linked onchain wallets. Bitcoin.com’s DefiLlama-based figure is a drop in tracked assets from about $144.9 billion to roughly $128.31 billion between 29 October and early 2 November, which it describes as more than $16.5 billion or nearly 12%. That total includes lower crypto prices and the roughly $6.3 billion taken from hot wallets, not just customer withdrawals. Binance’s own figures for 1 November were $4.649 billion in withdrawals and $1.01 billion in deposits between 06:00 and 15:30 UTC, a net outflow of about 2.1% of its $171 billion in assets (Binance’s claim, as reported by Bitcoin.com). Co-founder CZ posted: “98% choose to stay!”. Those numbers are not mutually consistent, and none has been audited.
Spot bitcoin ETFs: a second day of outflows
| Fund | Net flow, Mon 2 Nov 2026 |
|---|---|
| IBIT (BlackRock) | −$405.3 million |
| FBTC (Fidelity) | +$6.7 million |
| All other spot bitcoin ETFs | No flow reported |
| Total | −$398.6 million |
TokenPost reports that the 2 November outflow followed $643.2 million of outflows on 30 October, that outflows over the last five sessions total $711.3 million, and that cumulative net flows since launch stand at $56.649 billion. KuCoin’s relay of the same data gives a total of $399 million. The 30 October figure was the largest daily outflow since the end of June, as CryptoTicker notes. The reading: the ETF channel is a net seller over a five-day window, and it is concentrated in one product, which is a reminder that one fund’s redemptions can set the headline total.
What to watch next
- The full Binance proof, expected in the next day or two; whether it names a verifier and shows liabilities.
- The Tuesday restoration of additional withdrawal networks and the Wednesday snapshot.
- Tuesday’s ETF table (published after the US close): whether the outflows continue, and whether IBIT still dominates.
- Bitcoin’s daily close against its 100-day average, covered in our study of past crossings.
Sources: The Block, TokenPost, Bitcoin.com, CryptoTicker. Previously: Binance reopens withdrawals and our 31 October ETF update.
Method: bitcoin prices, highs, lows and closes are Coinbase Exchange candles (UTC day) and the Coinbase spot ticker pulled by Bitcoin Mastery at about 07:04 UTC on Tuesday 3 November 2026; the 3 November candle is still open at that time, so the latest price is the 76,389.68 ticker and the last completed daily close is Monday 2 November (76,674.13). Long-history bitcoin figures are Yahoo Finance BTC-USD daily closes (UTC). Third-party figures are attributed to their source and date. Binance’s statements are as reported by the outlets named; we have not verified the snapshot or any on-chain figure ourselves. The Field Guide #71 scoring is provisional, based on press coverage, not on the report itself.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Bitcoin and other cryptocurrencies are volatile and you can lose some or all of the money you put in. Nothing here is a recommendation to buy, sell or hold bitcoin, any exchange-traded fund, any listed security or any other asset, and the technical levels, probabilities and scenarios discussed are descriptions of published data, not forecasts. Do your own research and consult a licensed financial advisor before making investment decisions.