TLDR:
- Bitcoin ETF outflows totaled $643.33 million on Friday, wiping out four sessions of inflows and leaving the week in negative territory.
- BlackRock’s IBIT and Fidelity’s FBTC led a broad retreat, with five major Bitcoin funds recording withdrawals during the session.
- Ether and Solana ETFs also posted outflows, while Bitcoin traded near $77,600 on Saturday after the market’s response to the breach.
- Binance says it has replaced 90% of affected assets and aims to restart withdrawals on November 1 following security checks.
Bitcoin ETF outflows reached $643.33 million on Friday, ending four consecutive days of inflows. The broader selloff followed the Binance hack. The withdrawals left US spot Bitcoin funds with total net outflows for the week.
Bitcoin traded near $77,600 on Saturday, according to market data, after falling below $77,000 during Friday’s selloff. Ether and Solana funds also recorded net withdrawals.
The $6.3 billion Binance breach occurred after Thursday’s US stock market close. Friday was the first full trading session for ETF investors to respond. The flow figures show the scale of redemptions, but not the reasons behind each investor’s decision.
Bitcoin ETF Outflows Erase Four Days of Investor Inflows
The latest Bitcoin ETF outflows reversed $440.73 million in net inflows recorded from Monday through Thursday. Friday’s result left the five-day period roughly $202.6 million in the red, according to SoSoValue figures.
BlackRock’s iShares Bitcoin Trust, known as IBIT, led the withdrawals with $233.70 million. Fidelity’s FBTC followed with an outflow of $201.04 million.
ARK 21Shares’ ARKB recorded $129.55 million in net withdrawals. Grayscale’s GBTC and Bitwise’s BITB lost $53.32 million and $25.72 million, respectively.
The Bitcoin ETF outflows spread across five major funds, following a week when some inflows were concentrated in IBIT. A net outflow means fund share redemptions exceeded new creations during the session.
Trading activity also rose sharply. Bitcoin fund trading value reached $6.35 billion on Friday, compared with $2.11 billion the previous day.
Total net assets stood at $98.14 billion, below the $100 billion mark. That change reflects both fund flows and changes in the market value of their Bitcoin holdings.
ETF shares give investors Bitcoin exposure through a brokerage account. Their flows can help track demand for the products, though they do not reveal individual motives.
Friday’s withdrawals coincided with broader market stress, including declines in US technology stocks. The figures alone cannot establish how much of the Bitcoin ETF outflows resulted from the exchange breach.
Crypto Markets Face Fresh Tests After the Binance Breach
Bitcoin ETF outflows were part of a wider retreat across crypto investment products. US spot Ether ETFs lost $155.85 million on Friday, their fifth consecutive session of net outflows.
BlackRock’s ETHA accounted for $76.64 million of that amount. Ether fund withdrawals for the full week reached approximately $431.5 million.
Solana ETFs recorded $10.74 million in outflows on Friday, taking their weekly withdrawals to about $71.5 million. XRP products also posted a smaller net outflow.
The Binance hack added a security shock to a market already facing volatility. Binance said the breach affected roughly $6.3 billion in cryptocurrency held in its hot wallets.
The exchange says it has replenished approximately 90% of the affected assets using company resources. Binance said it set aside more than $6.34 billion in company funds to cover the theft. It pledged to cover all losses for customers. It plans to resume withdrawals in phases on November 1, subject to security checks.
The Bitcoin price recovered from Friday’s lows but remained below the $81,000 to $82,000 resistance area identified before the drop. Traders are watching the $76,000 region after the recent decline.
A move back above $78,000 would be an initial sign of stabilization, according to chart analysis. A break below $76,000 could expose lower levels.
Bitcoin ETF outflows arrived as other major tokens showed deeper declines from their respective recent highs. An earlier market comparison put Bitcoin’s pullback near 6.5%, while BNB had dropped roughly 14%.
Ether had fallen about 20.6% from its cited peak, and XRP about 23%. The comparisons use different starting points and do not represent identical weekly returns.
BNB traders are watching the $690 area, while XRP faces support near $1.20. Ether’s nearby support zone lies between $2,170 and $2,200.
