BNB Drops About 7% After Binance Incident: Oct 29 Market Facts

On the evening of October 29, 2026, after reports of large outflows from Binance hot wallets, BNB fell about 7% to near $699, Bitcoin slipped below $79,000 and roughly $620 million of leveraged positions were liquidated within an hour, almost all of them longs. Bitcoin had already dipped below $80,000 earlier that day for unrelated reasons. Below are the figures with sources and times; this is not a forecast.

The numbers

Sources: Crypto News Flash citing CoinGlass, FinanceFeeds and Decrypt, which put BNB down about 7% to roughly $699 and Bitcoin below $79,000. Some early reports mentioned BNB down as much as 9% intraday; we could not confirm that figure from two sources.

Two separate drops on the same day

Bitcoin first fell below $80,000 during the Asian session of October 29, from above $81,700 to about $79,800, according to CoinDesk. CoinDesk linked that move to the Federal Reserve's hawkish hold on October 28 and weak tech stocks, and counted $356 million in liquidations over 24 hours. The evening drop came after the Binance outflows. Mixing the two leads to the wrong conclusion that the whole day was about Binance.

What it means if you hold BNB or use leverage

• Spot holders: a price drop does not change how many coins you own. Whether to sell is your decision; we do not give price predictions.
• Leverage users: in hours like this, liquidations cascade. Check where your liquidation price sits with our liquidation price calculator.
• Coins on Binance: the exchange said at publication that it had not confirmed impact on user funds. See what we know about the Binance incident.

Moving or swapping BNB

If you decide to move BNB off an exchange, make sure you withdraw on BNB Smart Chain to a BSC address, not on an old BEP-2 address. To swap from your own wallet, you can use BNB to USDT or BNB to BTC. More on the coin itself is on the BNB page.