bitcoin
Bitcoin ETF Outflows Hit 4-Month High as Ethereum Funds Stay in the Red
During the first full week after the major Binance hack, which coincided with the US midterm elections, the spot Bitcoin ETFs recorded their largest net outflows since late June.
At the same time, their Ethereum counterparts continue to see red-only, as their negative weekly streak has been extended to six in a row. BTC ETFs Bleed $1.28B As CryptoPotato reported last weekend, the last trading day of October turned the entire month around. With over $640 million being withdrawn from the Bitcoin ETFs at the time, a major outflow that followed the aforementioned Binance hack, the funds closed the month with $515 million in the red.
This was the first such instance since June, when the financial products bled out $4.51 billion. As the actual impact of the hack unraveled, investors pulled out another $400 million on November 2 (Monday), and $115.56 million on Tuesday (midterm election day). The bulls returned on Wednesday, pouring $74.57 million into the funds, which helped drive the underlying asset's major surge at the time to $81,000.
However, that rally was short-lived, and so were the net inflows. Investors changed their tune on Thursday and Friday, withdrawing another $430 million and $412 million, respectively. Expectedly, BTC's price tumbled hard in line with these outflows, dumping to a seven-week low of under $75,000 on Friday.
