Bitcoin ETF Investors Head for the Exits After Record Binance Hack — SkimNews
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- Bitcoin ETFs shed $643.2 million on Friday, their biggest single-day outflow of October and the first full session after Thursday's roughly $6.4 billion Binance hack; Thursday's $17.2 million inflows had predated the 4:05 p.m. ET theft.
- Bitcoin ETFs saw that selling erase a four-day, $441 million inflow run, leaving cumulative net inflows since the January 2024 launch at $57.4 billion, total net assets at $103.2 billion, October down about $516 million and the week down roughly $202 million.
- Ethereum ETFs lost $155.7 million Friday, extending a five-day outflow streak to about $431 million and October losses to roughly $1.61 billion against $12.2 billion net inflows since debuting in July.
- Solana ETFs shed $10.8 million on their fifth straight day of outflows, totaling about $72 million for the week, and recorded net inflows on just two days all month.
- Bitcoin fell about 4% to roughly $76,400 Friday as more than $1.3 billion in leveraged positions were liquidated — a far smaller drop than the nearly 11% plunge after Binance's failed 2018 attack — then steadied near $77,520 Saturday; Ethereum sat near $2,251 and Solana near $96, with total crypto market cap at about $2.7 trillion.
- Binance 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; CoinDesk and Cointelegraph reported withdrawals reopening in phases beginning with bitcoin, while BBC Business reported $3.6 billion in user withdrawals and Binance covering 90% of losses.
- Myriad traders now price a 51.3% chance Ethereum falls to $1,500 before reaching $3,000, flipping a market that favored the upside at 61.3% a week ago, while Solana's odds of sinking to $40 before hitting $160 rose to 53.7%.
Why it matters: Thursday's $17.2 million inflow predated the 4:05 p.m. ET theft, making Friday's $643.2 million outflow the first clean read on post-hack risk appetite. Bitcoin's 4% slide and $1.3 billion in liquidations stayed mild beside 2018's nearly 11% plunge, but the fund flows institutions watch reversed hard.
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