In the past week, nearly $1.3 billion has exited the BTC ETFs. In the week following the significant Binance hack, which aligned with the US midterm elections, the spot Bitcoin ETFs experienced their most substantial net outflows since late June. Meanwhile, their Ethereum counterparts continue to experience declines, as their negative weekly streak has now reached six consecutive weeks. As reported last weekend, the final trading day of October reversed the fortunes of the entire month. With over $640 million being withdrawn from the Bitcoin ETFs at the time, a major outflow that followed the aforementioned Binance hack, the funds closed the month with $515 million in the red.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 marked the inaugural occurrence since June, when the financial products experienced a decline of $4.51 billion.
As the true ramifications of the hack became apparent, investors withdrew an additional $400 million on November 2 (Monday), followed by $115.56 million on Tuesday (midterm election day). The bulls returned on Wednesday, injecting $74.57 million into the funds, which contributed to the underlying asset’s significant surge at that time to $81,000. However, that rally was ephemeral, as were the net inflows. Investors changed their tune on Thursday and Friday, withdrawing another $430 million and $412 million, respectively. As anticipated, BTC’s price experienced a significant decline in response to these outflows, dropping to a seven-week low of under $75,000 on Friday.
Ultimately, the week concluded with net outflows amounting to $1.28 billion, marking the highest figure since the final full week of June, when the total approached $1.8 billion. The leading altcoin experienced a significant decline in October, with double-digit losses attributed largely to ETF outflows. As reported last weekend, October’s withdrawals hit an all-time high, with $1.61 billion leaving the funds. Throughout the entire month, there were merely three days characterised by positive performance, each recording less than $25 million. The Ethereum ETFs’ downward trend has continued.
With the exception of November 4, which had $53 million in net inflows, the following four trading days were all very negative; each had larger net outflows than the Wednesday inflows. The assets were depleted by $139.80 million on Monday, $85.35 million on Tuesday, $100 million on Thursday, and an additional $93.19 million on Friday. With net outflows of little over $365 million, the week ended in the red for the sixth straight week. As of November 6, the cumulative total net inflows had decreased from $13.94 billion at the end of September to $11.92 billion. In the meantime, ETH’s price has plummeted to less than $2,250, with a monthly decline of 10%.
