Bitcoin ETFs Record $643.2 Million Outflow After Binance Hack
Bitcoin ETFs see biggest October outflow after Binance hack
U.S. spot Bitcoin exchange-traded funds lost $643.2 million on Friday, their largest single-day outflow of October. The move came in the first full trading session after attackers drained about $6.4 billion from Binance, a cryptocurrency exchange, beginning Thursday evening after U.S. markets had closed.
The selling erased a four-day inflow streak of $441 million and left the funds down about $202 million for the week.
Key figures from Friday's trading
- U.S. spot Bitcoin ETFs: $643.2 million outflow on Friday
- October net outflows for Bitcoin ETFs: roughly $516 million
- Ethereum ETFs: $155.7 million outflow on Friday, about $431 million over five days
- Solana ETFs: $10.8 million outflow on Friday, about $72 million for the week
- Bitcoin price: fell about 4% on Friday, steadied near $77,520 by Saturday
What Decrypt's ETF tracker shows
Decrypt's ETF tracker recorded the $643.2 million Bitcoin ETF outflow. Cumulative net inflows since launch slipped to $57.4 billion, with total net assets at $103.2 billion. Bitcoin funds have drawn $57.4 billion in net inflows since debuting in January 2024, while Ethereum funds have taken in $12.2 billion since launching in July 2024.
Ethereum and Solana ETFs also posted losses
Ethereum ETFs lost $155.7 million on Friday, extending a five-day outflow streak to about $431 million. October losses for Ethereum funds reached roughly $1.61 billion. Solana ETFs shed $10.8 million on Friday, their fifth straight day of outflows, totaling about $72 million for the week. They recorded net inflows on only two days during October.
Bitcoin price steadies after Friday drop
Bitcoin fell about 4% to roughly $76,400 on Friday before steadying near $77,520 on Saturday. More than $1.3 billion in leveraged positions were liquidated. Ethereum traded near $2,251 and Solana near $96 on Saturday, both down for the week. Total crypto market cap held at about $2.7 trillion.
Binance pledges to cover losses, stablecoins frozen
Binance has pledged to cover all losses with company funds and an emergency reserve. Tether and Circle froze more than $2.3 billion in stolen stablecoins. Some Wall Street firms urged clients to buy crypto-linked stocks on potential market weakness.
What is confirmed
U.S. spot Bitcoin ETFs recorded a $643.2 million outflow on Friday, the first full trading session after the Binance hack began. The funds ended October with roughly $516 million in net outflows. Ethereum and Solana ETFs also posted outflows during the period. Binance has stated it will cover all losses, and Tether and Circle froze more than $2.3 billion in stolen stablecoins.
What is not confirmed
The sources report that the outflows occurred in the first session after the hack, but they do not confirm that the hack was the sole reason investors sold. Macro factors, including Federal Reserve interest rate policy, also remained in play.
Why ETF flows matter to investors
Spot crypto ETFs hold the underlying asset and trade on stock exchanges like ordinary shares, giving investors exposure through a regular brokerage account. Because issuers report flows daily and much of the money comes from institutions and financial advisers, the figures are watched as a gauge of investor sentiment.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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