Crypto market maker Wintermute reported that the Binance security breach dominated last week's market direction, overshadowing Federal Reserve and PCE data. The exchange suffered approximately $6.3 billion in losses on October 29, attributed to the North Korea-linked TraderTraitor group, with around $3 billion subsequently frozen. The incident triggered $1.5 billion in liquidations, of which roughly 85% were long positions. Wintermute noted that post-dip buying primarily came from leveraged perpetual contracts rather than spot markets or new capital inflows, leaving the broader market structurally weak in the short term. With Bitcoin breaking below the critical $80,000 level, the firm identified the 50-week moving average at approximately $76,800 as the next key support. A recovery above $80,000 supported by spot and ETF flows would ease caution, while a break below the 50-week MA would deepen bearish sentiment.