Key Takeaways
- • U.S. spot Bitcoin ETFs shed $643.2 million on Friday, their biggest single-day outflow of October, in the first full session after a roughly $6.4 billion theft from Binance that began at 4:05 p.m. ET Thursday, according to Decrypt's ETF tracker.
- • Ethereum ETFs lost $155.7 million Friday, extending a five-day outflow streak to about $431 million and pushing October losses to roughly $1.61 billion; Solana ETFs shed $10.8 million, totaling about $72 million for the week.
- • Bitcoin fell about 4% to roughly $76,400 on Friday and more than $1.3 billion in leveraged positions were liquidated, a far smaller reaction than the nearly 11% plunge after a failed attack on Binance in 2018.
- • Binance pledged to cover all losses with company funds and an emergency reserve, while Tether and Circle froze more than $2.3 billion in stolen stablecoins.
- • By Saturday Bitcoin had steadied near $77,520 (down 3.3% on the week), and total net assets of U.S. Bitcoin ETFs stood at $103.2 billion with cumulative net inflows of $57.4 billion since launch.
Summary
U.S. spot Bitcoin ETFs recorded their largest single-day outflow of October on Friday, with $643.2 million leaving the funds according to Decrypt's ETF tracker. The selling was the funds' first full trading session after attackers began draining roughly $6.4 billion from Binance at 4:05 p.m. ET Thursday, after U.S. markets had closed. Thursday's $17.2 million in inflows predated the theft. The outflow erased a four-day, $441 million inflow run, leaving Bitcoin ETFs down about $202 million for the week and roughly $516 million for October. Cumulative net inflows since the January 2024 launch slipped to $57.4 billion, with total net assets at $103.2 billion.
Ethereum and Solana ETFs fared worse relative to their size. Ethereum funds lost $155.7 million on Friday, extending a five-day outflow streak to about $431 million and pushing October losses to roughly $1.61 billion. Solana ETFs shed $10.8 million, their fifth straight day of outflows, totaling about $72 million for the week, and logged net inflows on only two days all month.
Crypto markets initially absorbed the Binance hack with relatively limited disruption given its scale. Bitcoin fell about 4% to roughly $76,400 on Friday, and more than $1.3 billion in leveraged positions were liquidated. Binance has pledged to cover all losses with company funds and an emergency reserve, and Tether and Circle froze more than $2.3 billion in stolen stablecoins. By Saturday Bitcoin had steadied at about $77,520, up 0.5% over 24 hours but down 3.3% on the week. Ethereum traded near $2,251 and Solana near $96, down 3.9% and 4.5% respectively for the week. Total crypto market capitalization held at about $2.7 trillion.
Macro conditions remain a headwind. The Federal Reserve held rates at 3.75% to 4% on Wednesday, but two officials voted for a hike, and traders had priced odds above 70% for an increase in December. On Myriad, a prediction market developed by Decrypt's parent company Dastan, traders have turned bearish on Ethereum and Solana, giving Ethereum a 51.3% chance of falling to $1,500 before reaching $3,000, after a market that favored the upside at 61.3% a week earlier.
Ethereum and Solana ETFs fared worse relative to their size. Ethereum funds lost $155.7 million on Friday, extending a five-day outflow streak to about $431 million and pushing October losses to roughly $1.61 billion. Solana ETFs shed $10.8 million, their fifth straight day of outflows, totaling about $72 million for the week, and logged net inflows on only two days all month.
Crypto markets initially absorbed the Binance hack with relatively limited disruption given its scale. Bitcoin fell about 4% to roughly $76,400 on Friday, and more than $1.3 billion in leveraged positions were liquidated. Binance has pledged to cover all losses with company funds and an emergency reserve, and Tether and Circle froze more than $2.3 billion in stolen stablecoins. By Saturday Bitcoin had steadied at about $77,520, up 0.5% over 24 hours but down 3.3% on the week. Ethereum traded near $2,251 and Solana near $96, down 3.9% and 4.5% respectively for the week. Total crypto market capitalization held at about $2.7 trillion.
Macro conditions remain a headwind. The Federal Reserve held rates at 3.75% to 4% on Wednesday, but two officials voted for a hike, and traders had priced odds above 70% for an increase in December. On Myriad, a prediction market developed by Decrypt's parent company Dastan, traders have turned bearish on Ethereum and Solana, giving Ethereum a 51.3% chance of falling to $1,500 before reaching $3,000, after a market that favored the upside at 61.3% a week earlier.
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