Crypto · $BTC/USD
Spot Bitcoin ETFs Shed $643 Million in Largest Outflow Since June After Binance Hack
Image: geralt via Pixabay
Bitcoin has steadied near $78,500, but the Friday exit erased most of this year's net ETF inflows and ether funds also bled.
By Noris Ortiz ·
U.S.-listed spot bitcoin exchange-traded funds recorded their biggest daily withdrawal in more than four months on Friday, even as bitcoin itself has stabilized over the weekend.
The funds had a net outflow of $643.3 million on Friday, October 30, according to SoSoValue data cited by CoinDesk [1]. That was the largest since June 25, when investors pulled $696.3 million, and it narrowly topped the $635.5 million outflow on October 22 [1]. CoinDesk said the exit wiped out 63.6% of the funds' year-to-date net inflow, which had stood at just over $1 billion before Friday [1]. BlackRock's IBIT led the redemptions with $233.7 million, followed by Fidelity's FBTC with $201.4 million [1]. The Block reported that total net assets of U.S. spot bitcoin ETFs were $98.14 billion, according to Laevitas [2].
Ether products were hit as well. Spot ether ETFs had $155.9 million in net outflows on Friday, their largest since October 7, and weekly outflows of $431.5 million, The Block said [2]. Bitcoin ETFs had $202.6 million in outflows for the week ended October 30 [2].
Market participants linked the selling to the roughly $6.3 billion theft from Binance's hot wallets on Thursday, described by The Block as the largest crypto hack to date, with the FBI identifying North Korean hackers as the attackers [2]. Nick Forster, chief executive of options exchange Derive, told CoinDesk the hack added "another layer of uncertainty" to a market that was already under pressure [1]. Research firm Bitfire pointed to fading U.S. demand, noting that the Coinbase premium stayed negative, between -0.18% and -0.27% [1]. ViaBTC's Jeff Ko called the outflows a sentiment shock, The Block reported [2].
Binance reopened withdrawals on Sunday, and The Block said the exchange recorded about $3.64 billion in net outflows in the first nine and a half hours [2]. Even so, bitcoin has held up. It was up 1% over 24 hours at $78,491 as of 11:20 p.m. ET on Sunday, with ether up 1.3% at $2,296, according to The Block [2]. Bloomberg's Monday markets wrap had bitcoin up 0.9% at $78,477.18, a third straight daily gain, and ether up 1.4% at $2,293.24 [3]. Sentiment remains cautious: The Block put the Crypto Fear and Greed Index at 37 on Sunday, in fear territory [2].
The week offers several catalysts. Bitfire flagged Tuesday's U.S. midterm elections, which could shape the regulatory outlook, and the October nonfarm payrolls report on Friday, November 6, which may influence Federal Reserve rate expectations [1]. It also pointed to MSCI's final list of companies affected by its new rules for non-operating companies, with Strategy and Metaplanet, two large bitcoin holders, flagged as possible exclusions [1].
What to watch next: whether ETF flows turn positive again once the Binance fallout settles, how quickly exchange balances recover after the withdrawal wave, and whether macro events, including the midterms and the jobs data, change risk appetite across crypto.
Sources:
[1] CoinDesk, "Bitcoin ETFs lost $643 million in outflows Friday, and 2026 is barely green now", November 2, 2026. https://www.coindesk.com/markets/2026/11/02/bitcoin-etfs-lost-usd643-million-in-outflows-friday-and-2026-is-barely-green-now
[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] Bloomberg (via SWI swissinfo.ch), "Stock Selloff Eases in Asian Trade, Oil Declines: Markets Wrap", November 2, 2026. https://swissinfo.ch/eng/stock-selloff-eases-in-asian-trade,-oil-declines:-markets-wrap/92310840
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.