Bitget Resumes Bitcoin (BTC) Withdrawals After $387.5M Hack

Bitget's Phased Withdrawal Restart

Bitget resumed Bitcoin withdrawals at 8:00 UTC on Sept. 28, four days after a Sept. 24 security incident froze customer exits at the major exchange. The restart follows a phased schedule confirmed in the exchange's official announcement: Ethereum withdrawals reopen on Sept. 29, USDT on Sept. 30, and all remaining tokens, fiat rails and P2P services from Oct. 2. Demand was immediate — within the first hour after Bitcoin withdrawals reopened, 9,585 users had filed requests and more than 4,098 BTC was processed, a volume running into the hundreds of millions of dollars. Bitget says the exploited vulnerability has been identified and patched, with forensic teams from Mandiant and SlowMist assisting the investigation. User balances were unaffected, and the incident's losses, most recently estimated near $387.5 million, will be covered by the exchange's user protection fund.

Laundering Through THORChain

The attacker's proceeds are moving just as fast. On-chain security researchers, including investigator ZachXBT, report that funds attributed to North Korea-linked hackers have been shuffled across chains and pushed into mixing services to break the trail. GoPlus Security, a blockchain security firm, estimates that roughly 101.5 BTC had already been routed through THORChain, the decentralized cross-chain swap protocol, before reaching mixers. The pattern is familiar in state-linked thefts: whale-scale laundering that splits large sums into smaller cross-chain hops, slowing tracing and complicating attribution. For depositors, the practical lesson is unchanged — custody on a centralized platform carries a security premium that self-custody does not, and Bitget's phased reopening is now the live test of user confidence.

Strategy Buys 1,665 BTC

Corporate accumulation returned in force the same day. Strategy, the treasury company led by Michael Saylor, disclosed on Sept. 28 that it bought 1,665 BTC for approximately $142.7 million in the week through Sept. 27, paying an average of $85,681 per coin. That follows the prior week's 950 BTC, or $75.7 million, purchase — the company's first back-to-back weekly buy since June. Holdings now stand at a record 847,666 BTC, accumulated for about $63.9 billion at an average entry of $75,437, leaving a wide unrealized margin at current prices. The purchase keeps Strategy at the front of the strategic bitcoin reserve trend, and the same stretch produced Japan's first corporate Bitcoin treasury buy at $83,857 per coin. Sustained treasury demand above $85,000 keeps narrowing the float available to the wider market.

Yields Test the Uptrend

Price action absorbed the macro shock. BTC/USD rebounded to about $84,000 and held the $82,500 support that traders view as the line protecting the uptrend, with analyst Rekt Capital calling the retest of the top of the $60,000–$80,000 range a “trend-defining” moment. The bounce came despite a surge in US long-end yields: the 30-year Treasury yield touched 5.58%, its highest since June 2002, while the 10-year hit 5.26%, unseen since 2007. Trading firm QCP Capital flags a convergence of geopolitical uncertainty around the US-Iran conflict, macro data risk and broad deleveraging as near-term catalysts, with August PCE on Wednesday and September nonfarm payrolls on Friday the key prints. Rate pressure on risk assets is a recurring theme this cycle — the RBA's 15-year-high rate hike delivered a comparable stress test earlier in the year.

Eight Days of ETF Inflows

Flows into the spot ETF complex stayed positive but slowed sharply. US spot crypto ETFs drew about $64.8 million on Monday, roughly 80% below Friday's ~$330.8 million, with Bitcoin funds leading at $31.07 million, followed by Ether at $17.1 million, Solana at $12.7 million and XRP at $3.96 million. Monday extended the Bitcoin ETF net-inflow streak to eight consecutive trading sessions, a run worth about $3 billion that included a 2026 single-day high near $1 billion on Sept. 21. Across the prior week the four categories pulled in more than $3.3 billion combined, Bitcoin taking $2.39 billion of it. The deceleration is the flow metric to watch for ongoing Bitcoin coverage, even as market plumbing keeps deepening — Coinbase's CFTC clearinghouse approval for collateralized Bitcoin futures being the latest example. Readers tracking the market in real time can follow live spot and futures prices on MEXC.

Profit-Taking Caps the Top

Our read: the week's arc — a nine-figure exchange hack absorbed without a bank run, treasury buyers re-engaging, an eight-day ETF bid intact — describes a market structure more resilient than earlier cycles, even as upside gets capped. On-chain data frames the cap: Glassnode's latest BTC Market Pulse shows net unrealized profit/loss at 14.25, its highest reading since January, while the ratio of supply moving in profit versus in loss jumped from 0.8 to 1.4 — a regime dominated by profit-taking. Bitget's remediation, per its official post-incident disclosure, rests on a patched vulnerability, third-party forensics and protection-fund coverage. Expect range-bound trade near $84,000 until either the ETF bid or bond yields break first. Our Bitcoin Rainbow Chart guide maps the cycle context.