Crypto · $BTC/USD
Bitcoin ETFs Lose $399 Million for a Second Day as Net Binance Outflows Reach $4.7 Billion
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Bitcoin steadies near $76,900 while fund redemptions, exchange withdrawals and a jump in liquidations show traders still de-risking after the Binance hack.
By Emmanuel Cruz ·
Bitcoin steadied near $76,900 in early Tuesday trading, but the flow data around it stayed soft. U.S. spot bitcoin exchange-traded funds lost another $399 million on Monday, and customers have now pulled a net $4.72 billion out of Binance since it reopened withdrawals on Sunday [1]. As of about 6:30 a.m. ET, bitcoin was up 0.2% since midnight UTC after dipping to roughly $76,300 during the European morning [1].
The ETF outflow was the second in a row, according to data from Farside Investors cited by CoinDesk. BlackRock's IBIT shed $405 million, its largest one-day outflow since June, which implies other funds took in a small amount to leave the group's net loss at $399 million [1]. The prior session was larger: spot bitcoin ETFs recorded net outflows of $643.3 million on Friday, the biggest single-day withdrawal since June 25, according to SoSoValue data reported by The Block [2]. Total net assets in the funds stood at $98.14 billion, per Laevitas data cited in the same report [2].
Analysts quoted by The Block were divided on how much to read into it. Jeff Ko of ViaBTC called the Friday outflow a "sentiment shock," noting that ETF holders have no direct exposure to Binance because the bitcoin is held with regulated custodians [2]. Rick Maeda of Laevitas said the outflow was under 1% of spot bitcoin ETF assets and described it as a de-risking day rather than capitulation [2].
The exchange-level numbers are larger. Binance, which said attackers drained about $6.3 billion from its hot wallets last week, reported a net outflow of about $3.64 billion between 1 a.m. and 10:30 a.m. ET on Sunday, equal to 2.1% of the $171 billion in assets it listed in an October 28 proof-of-reserves snapshot [3]. The exchange said withdrawal volumes were "stabilising as expected" while deposits remained substantial [3]. By Tuesday morning the cumulative net outflow had reached $4.72 billion, CoinDesk reported [1].
Third-party trackers show a bigger figure but with a caveat. CoinDesk's Monday live blog cited DefiLlama data showing more than $6 billion leaving Binance over 24 hours, roughly 3.6% of its pre-attack assets, while noting the data may include transfers between wallets Binance controls rather than only customer withdrawals [4]. The same report showed about $450 million of net inflows at OKX and about $134 million at Bybit, though it did not show how much came directly from Binance customers [4].
Derivatives data pointed to active trading rather than fresh conviction. Crypto futures volume rose 51% over 24 hours to $168.1 billion while open interest fell 1.63% to $134.9 billion, and liquidations jumped 171% to $382.6 million, CoinDesk reported [1]. Implied volatility on the nearest-dated bitcoin options rose to about 51% from about 43.5% a day earlier, and the crypto fear and greed index slipped to 34 from 36, in the "fear" zone [1].
The wider market backdrop is unsettled. The Nasdaq Composite fell 1.1% on Monday, and Nasdaq futures were up 0.3% early Tuesday while Brent crude was up 1.3% at about $106 a barrel [1]. CoinDesk's Monday blog attributed the tech decline to an ongoing unwind of the AI trade, and bitcoin moved from about $78,100 early in the day to about $76,750 by mid-afternoon [4].
For traders, the near-term questions are whether ETF flows turn positive again and whether Binance's withdrawal pace keeps slowing. Binance had projected an updated proof-of-reserves report for Monday [3]. U.S. midterm voting takes place today, AMD reports after the close, and the October jobs report is due Friday, all of which could move risk appetite across stocks and crypto [1].
Sources:
[1] CoinDesk, "Bitcoin steadies at $76,900 as ETFs lose $399 million and Binance outflows hit $4.7 billion", November 3, 2026. https://www.coindesk.com/markets/2026/11/03/bitcoin-steadies-after-dip-to-usd76-300-as-etf-outflows-and-midterm-elections-weigh-on-crypto
[2] The Block, "Spot bitcoin ETFs see largest daily outflows in four months following record Binance hack", November 1, 2026. https://www.theblock.co/news/markets/2026-11-01-spot-bitcoin-etfs-largest-four-months-following-binance-hack-432270
[3] The Block, "Binance sees $3.64 billion in net outflows after reopening withdrawals following record hack", November 1, 2026. https://www.theblock.co/news/business/2026-11-01-binance-sees-3-64-billion-in-net-outflows-after-reopening-withdrawals-following-record-hack-432259
[4] CoinDesk, "Live updates: Bitcoin bounce fades as Binance exploit, AI unwind continue to weigh", November 2, 2026. https://www.coindesk.com/markets/2026/11/02/live-updates-binance-records-usd6-billion-outflows-after-starting-withdrawals-less-then-4-of-total-holdings
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.