Spot Bitcoin exchange-traded funds (ETFs) recorded $1.28 billion in net outflows during the first full week after the major Binance hack, which coincided with the US midterm elections. This marks the largest weekly outflow since the last full week of June, when nearly $1.8 billion exited the funds.
Daily Flow Breakdown
The outflows began on Monday, November 2, with $400 million withdrawn, followed by $115.56 million on Tuesday, midterm election day. Bulls returned on Wednesday with $74.57 million in inflows, helping to drive Bitcoin's price to $81,000. However, the rally was short-lived: investors withdrew $430 million on Thursday and $412 million on Friday. Bitcoin's price fell to a seven-week low of under $75,000 on Friday.
The week's total outflows of $1.28 billion follow a October that ended with $515 million in net outflows, the first negative month since June, when the funds bled $4.51 billion.
Ethereum ETFs: Sixth Straight Week of Outflows
Spot Ethereum ETFs extended their negative streak to six consecutive weeks, with just over $365 million in net outflows. Aside from November 4, which saw $53 million in inflows, the other four trading days were deep in the red: $139.80 million left on Monday, $85.35 million on Tuesday, $100 million on Thursday, and $93.19 million on Friday.
The cumulative total net inflows for Ethereum ETFs have declined from $13.94 billion at the end of September to $11.92 billion as of November 6. Ether's price has dropped to under $2,250, posting a 10% monthly decline.
October was already a record-breaking month for Ethereum ETF outflows, with $1.61 billion leaving the funds and only three green days, each under $25 million.
