Key Takeaways
- • Spot Bitcoin ETFs recorded net outflows of approximately $1.28 billion in the week following the Binance hack, their largest weekly outflow since late June, when outflows reached close to $1.8 billion.
- • Bitcoin ETFs posted $515 million in net outflows for October, their first monthly loss since June, when the funds bled $4.51 billion.
- • Ethereum ETFs extended their negative streak to six consecutive weeks, with about $365 million in net outflows in the latest week.
- • Cumulative net inflows into Ethereum ETFs fell from $13.94 billion at the end of September to $11.92 billion as of November 6, while ETH traded below $2,250 after a 10% monthly decline.
- • October's Ethereum ETF outflows of $1.61 billion were reported as an all-time high for the funds.
Summary
Spot Bitcoin ETFs recorded their largest net outflows since late June in the first full week after the Binance hack, which coincided with the US midterm elections. According to CryptoPotato, the funds lost roughly $1.28 billion over the week, with daily outflows of $400 million on November 2, $115.56 million on Election Day, and $430 million and $412 million on Thursday and Friday. The only inflow was $74.57 million on Wednesday, which briefly lifted bitcoin to around $81,000 before the rally reversed. BTC fell to a seven-week low below $75,000 on Friday.
The outflows followed a weak October. The Bitcoin ETFs closed the month with $515 million in net outflows, the first monthly loss since June, when they lost $4.51 billion. The outflow streak began on the final trading day of October, when more than $640 million was withdrawn in a single session following the Binance hack.
Ethereum ETFs continued to see net redemptions. Apart from a $53 million net inflow on November 4, every trading day that week recorded outflows, including $139.80 million on Monday, $85.35 million on Tuesday, $100 million on Thursday and $93.19 million on Friday. The week ended with roughly $365 million in net outflows, marking six consecutive losing weeks. CryptoPotato reports that October's $1.61 billion in Ethereum ETF outflows was an all-time high, with only three positive days all month, each below $25 million.
Cumulative net inflows into Ethereum ETFs have declined from $13.94 billion at the end of September to $11.92 billion as of November 6. ETH has fallen below $2,250, posting a 10% monthly decline, and the report links the ETF redemptions to the altcoin's October double-digit drop.
The outflows followed a weak October. The Bitcoin ETFs closed the month with $515 million in net outflows, the first monthly loss since June, when they lost $4.51 billion. The outflow streak began on the final trading day of October, when more than $640 million was withdrawn in a single session following the Binance hack.
Ethereum ETFs continued to see net redemptions. Apart from a $53 million net inflow on November 4, every trading day that week recorded outflows, including $139.80 million on Monday, $85.35 million on Tuesday, $100 million on Thursday and $93.19 million on Friday. The week ended with roughly $365 million in net outflows, marking six consecutive losing weeks. CryptoPotato reports that October's $1.61 billion in Ethereum ETF outflows was an all-time high, with only three positive days all month, each below $25 million.
Cumulative net inflows into Ethereum ETFs have declined from $13.94 billion at the end of September to $11.92 billion as of November 6. ETH has fallen below $2,250, posting a 10% monthly decline, and the report links the ETF redemptions to the altcoin's October double-digit drop.
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