US‑listed spot crypto exchange‑traded funds (ETFs) tracked by SoSoValue showed that the VanEck BNB ETF led October inflows, drawing $99 million during the month. The inflow was concentrated early in the period, with about $97 million recorded on October 2, representing 98.8% of the monthly net total.
Other spot crypto ETFs saw net inflows of $35 million for NEAR and $19 million for XRP, while broader withdrawals dominated the market. Investors pulled $1.61 billion from Ethereum funds, $515 million from Bitcoin products and $144 million from Solana ETFs.
Timing of BNB inflows and Binance breach
The VanEck BNB ETF, trading under the ticker VBNB, recorded assets of roughly $3 million on October 1, $100 million on October 2 and $103 million on October 5. Subsequent flows were modest, with about $1 million entering on October 9 and $285,000 leaving on October 15. The strong monthly ranking stemmed from the early allocation.
VanEck launched VBNB on May 28 to give US investors exposure to BNB through an ETF. The fund holds BNB in custody with qualified custodians such as Anchorage Digital and BitGo, and its shares represent exposure to the token rather than ownership of the Binance exchange.
Binance disclosed a breach of its hot wallets on October 29, reporting an estimated $6.3 billion in stolen tokens. The exchange said it would cover the loss with corporate funds and its Secure Asset Fund for Users, and it reported freezing approximately $3 billion on‑chain. By November 1, Binance said it had replenished about 95% of the affected assets and began reopening withdrawals in phases.
ETF asset values after the breach
Despite the strong inflows, VBNB’s assets fell from $98 million on October 29 to $92 million on October 30, a change that also reflects movements in BNB’s market price and not solely ETF redemptions.
Contrasting Bitcoin and Ethereum ETF flows
Bitcoin spot ETFs experienced a reversal at the end of October, losing roughly $643 million on October 30 and ending the month with $515 million in net withdrawals after a brief period of inflows. Research firm Ecoinometrics noted that the sell‑off highlighted fragile demand for Bitcoin ETFs.
Ethereum spot ETFs saw the largest monthly outflow since their launch in July 2024, with $1.61 billion withdrawn in October.
Outlook
The first full trading week of November will provide further insight into demand for the BNB ETF following the Binance breach. Binance indicated ongoing efforts to replenish remaining assets and plans additional reserve snapshots in early November.
