In the first full week after the major Binance hack, which coincided with the US midterm elections, spot Bitcoin ETFs saw their biggest net outflows since late June.
Meanwhile, their Ethereum counterparts continue to see only red, as their negative weekly streak has been extended to six in a row.
BTC ETFs bleed $1.28 billion
As CryptoPotato reported last weekend, the last trading day of October shook up the entire month. With more than $640 million withdrawn from Bitcoin ETFs at the time, a significant outflow that followed the aforementioned Binance hack, the funds closed the month $515 million in the red. This is the first such case since June, when financial products lost $4.51 billion.
As the true impact of the hack became clear, investors withdrew an additional $400 million on November 2 (Monday) and $115.56 million on Tuesday (midterm election day). The bulls returned on Wednesday, pumping $74.57 million into the funds, which contributed to the underlying asset’s sharp rise at the time to $81,000.
However, this recovery was short-lived, as were the net inflows. Investors changed their minds on Thursday and Friday, withdrawing an additional $430 million and $412 million, respectively. As expected, the price of BTC fell sharply alongside these capital outflows, falling to its lowest level in seven weeks on Friday, below $75,000.
Ultimately, the week ended with net outflows of $1.28 billion, the highest since the last full week of June, when the figure approached $1.8 billion.
6 in a row
The leading altcoin plunged double-digits in October, and ETF outflows were a major reason why. As reported last weekend, October withdrawals hit a record high, with $1.61 billion flowing out of the funds. There were only three green days all month, each with less than $25 million.
This negative streak for Ethereum ETFs has continued. With the exception of November 4, which saw net inflows of $53 million, the other four trading days were deep in the red – each of which saw more net outflows than Wednesday’s 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, making it the sixth consecutive week in the red. Cumulative total net inflows increased from $13.94 billion at the end of September to $11.92 billion as of November 6. Meanwhile, the price of ETH dropped below $2,250, showing a monthly decline of 10%.
Bitcoin ETF Outflows Hit 4-Month High as Ethereum Funds Stay in the Red appeared first on CryptoPotato.
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