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.
Meanwhile, 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 With over $640 million being withdrawn from the Bitcoin ETFs at the time, a major outflow that followed the aforementioned Binance hack, the funds closed the month with $515 million in the red.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.
Ultimately, the week ended with net outflows of $1.28 billion, the highest since the last full week of June, when the number was close to $1.8 billion.
6 In a Row
The leading altcoin plunged by double digits in October, and the ETF outflows were among the major reasons. As reported last weekend, October’s withdrawals hit an all-time high, with $1.61 billion leaving the funds. There were only three green days throughout the entire month, each with less than $25 million.
This negative streak for the Ethereum ETFs has extended. Aside from November 4, which saw net inflows of $53 million, the other four trading days were deep in the red — each saw more net outflows than the Wednesday inflows. $139.80 million left the funds on Monday, followed by $85.35 million on Tuesday, $100 million on Thursday, and another $93.19 million on Friday.
The week ended with just over $365 million in net outflows, which makes it the sixth consecutive week in the red. The cumulative total net inflows have declined from $13.94 billion at the end of September to $11.92 billion as of November 6. Meanwhile, ETH’s price has tanked hard to under $2,250, posting a 10% monthly drop.
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