Bitcoin ETF outflows reached $643.2 million on Friday, the largest single-day outflow from U.S. spot Bitcoin funds in October, after attackers reportedly drained about $6.4 billion from Binance. Decrypt reported the flow data as the first full U.S. market session after the attack began. The figures do not establish that the hack alone caused investors to withdraw.
Why it matters
The withdrawals reversed a four-day run of Bitcoin ETF inflows and came as Ethereum and Solana funds also lost money. The timing puts exchange security and market volatility in focus, while ETF flows offer only one measure of investor sentiment.
What we know about Bitcoin ETF outflows
Decrypt reported that the Binance attack began at 4:05 p.m. ET on Thursday, after U.S. markets had closed. The reported scale was roughly $6.4 billion. Friday was the first full ETF trading session afterward, when spot Bitcoin funds shed $643.2 million, according to Decrypt’s ETF tracker. Thursday’s $17.2 million in inflows came before the reported theft.
The Friday withdrawals erased a four-day stretch in which Bitcoin funds had taken in $441 million. Decrypt put the funds’ net weekly result at about $202 million in outflows and their October outflows at roughly $516 million. Cumulative net inflows since the funds debuted in January 2024 slipped to $57.4 billion, while their total net assets stood at $103.2 billion.
Other crypto funds also recorded outflows. Ethereum ETFs lost $155.7 million on Friday, extending a five-day outflow streak to about $431 million. Decrypt reported that Solana ETFs lost $10.8 million that day and about $72 million over the week, with outflows on five consecutive days.
Spot crypto ETFs hold the underlying asset and trade on stock exchanges, allowing investors to gain exposure through a brokerage account. Their daily flows have become a closely watched gauge of investor sentiment, but the totals do not identify why individual holders buy or sell. Decrypt’s report on Bitcoin ETF outflows after the Binance hack details the reported figures.
What is still unclear
The supplied reporting does not explain how the attackers carried out the theft, which parts of Binance’s systems were affected, or how the roughly $6.4 billion estimate was calculated. Decrypt reported that Binance pledged to cover all losses with company funds and an emergency reserve. It also reported that Tether and Circle froze more than $2.3 billion in stolen stablecoins, but the report does not establish how much of the reported amount can ultimately be recovered.
The ETF figures provide no direct evidence that withdrawals were a response to the hack rather than broader market conditions. The timing is notable, but it does not prove cause. Daily totals combine activity by many holders and do not identify the decisions behind individual flows.
Market reaction and prediction-market activity
Decrypt said Bitcoin fell about 4% on Friday, to roughly $76,400, while more than $1.3 billion in leveraged positions were liquidated. By Saturday, the outlet reported Bitcoin near $77,520, down 3.3% for the week. It compared Friday’s decline with a nearly 11% plunge after a failed attack on Binance in 2018. That comparison describes the reported immediate price moves, not how markets will respond to future events.
A CoinGecko market snapshot at 21:59 UTC on November 1 showed Bitcoin at $77,837, up 0.36% over 24 hours and down 3.19% over seven days. Ethereum and Solana were also lower over seven days. Crypto prices can move quickly, so these figures describe that timestamp rather than a lasting direction.
| Asset | Price, USD | 24-hour change | 7-day change |
|---|---|---|---|
| Bitcoin | $77,837 | +0.36% | -3.19% |
| Ethereum | $2,263.41 | +0.35% | -3.47% |
| Solana | $94.36 | -1.62% | -7.09% |
Decrypt also reported that the Federal Reserve held rates at 3.75% to 4% on Wednesday, with two officials voting for an increase. Traders had priced in odds above 70% of a December hike. The Crypto Fear & Greed Index was 34, classified as Fear, on November 1, according to Alternative.me.
On Myriad, a prediction market developed by Decrypt’s parent company, traders shifted toward downside outcomes for Ethereum and Solana, Decrypt reported. The market put a 51.3% chance on Ethereum falling to $1,500 before reaching $3,000, reversing from a market that favored the upside at 61.3% a week earlier. For Solana, the odds of reaching $40 before $160 rose to 53.7%. These are prediction-market probabilities, not forecasts or guarantees.
What it means for investors
Bitcoin ETF outflows are a signal, not a verdict
The size of Friday’s Bitcoin ETF outflows makes them a notable short-term data point, especially after a week that had briefly turned positive. But fund flows do not capture every crypto holder, and they cannot distinguish security concerns from profit-taking, portfolio rebalancing, or reactions to interest-rate expectations. They should be read alongside other market information, not as a complete account of investor decisions.
The reported hack highlights exchange-security risk, while the price figures show that crypto assets can move over short periods. An ETF provides brokerage access to an underlying asset, but that access does not remove exposure to its price changes. The reported weekly flows and market prices are snapshots, not promises about future performance.
Further reporting can track whether Bitcoin funds resume inflows or record additional outflows, and whether Binance provides more information about the incident and recovery. Ethereum and Solana ETF flows may also show whether outflows continue across the listed crypto products. These are areas to monitor, not established outcomes.
Bottom line
The $643.2 million Friday outflow was October’s largest daily Bitcoin ETF outflow, in the first full U.S. market session after attackers began draining funds from Binance. Bitcoin was near $77,520 on Saturday, according to Decrypt. The ETF data does not establish why investors withdrew, and the supplied reporting does not settle how much of the reported theft can be recovered.
Sources
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrencies are highly volatile; always do your own research before investing.
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