Spot Bitcoin ETFs shed $643.2 million Friday, their biggest outflow of October
In brief
- Spot Bitcoin ETFs posted $643.2 million in Friday outflows, per Decrypt's ETF tracker.
- Friday's selling erased a four-day, $441 million inflow run.
- Bitcoin ETFs ended October down roughly $516 million; Ethereum funds lost about $1.61 billion.
- Bitcoin fell about 4% Friday, then steadied near $77,520 by Saturday.
A four-day inflow run, erased
Friday's selling erased a four-day, $441 million inflow run, Decrypt reported, leaving the funds down about $202 million for the week and roughly $516 million for October. On Thursday (before the theft) they'd actually taken in $17.2 million.
That's a sharp reversal in a single session.
Cumulative net inflows since the products debuted in January 2024 slipped to $57.4 billion, with total net assets at $103.2 billion, per the same tracker. Spot crypto ETFs hold the underlying asset and trade on stock exchanges like ordinary shares.
Ether and Solana funds bleed too
It wasn't only Bitcoin. Ethereum ETFs 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, according to Decrypt's data. Those funds have taken in $12.2 billion since launching in July 2024. Solana ETFs shed $10.8 million, their fifth straight day of outflows (about $72 million for the week), and they've logged net inflows on just two days all month.
Prices held up better than in 2018
Crypto markets initially appeared to take the Binance hack largely in stride, Decrypt reported. Bitcoin fell about 4% to roughly $76,400 on Friday and more than $1.3 billion in leveraged positions were liquidated, a far smaller drop than the nearly 11% plunge after a failed attack on Binance in 2018.
Binance has 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, according to Decrypt.
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, down 3.9% for the week, and Solana sat near $96, down 4.5%. Total crypto market cap held at about $2.7 trillion.
There's a macro backdrop here too. The Federal Reserve held rates at 3.75% to 4% on Wednesday, but two officials voted for a hike, and traders priced odds above 70% for a December increase.
