U.S. spot Bitcoin ETFs recorded their biggest single-day outflow of October in the first session after the Binance hack. Ethereum and Solana funds also lost money, while Bitcoin fell about 4% before steadying.
U.S. spot Bitcoin ETFs shed $643.2 million on Friday, according to Decrypt's ETF tracker, their biggest single-day outflow of October. It was the funds' first full session since attackers began draining roughly $6.4 billion from Binance at 4:05 p.m. ET Thursday, after U.S. markets had closed.
Selling erases a four-day inflow run
The selling erased a four-day, $441 million inflow run, leaving the funds down about $202 million for the week and roughly $516 million for October. Cumulative net inflows since launch slipped to $57.4 billion, with total net assets at $103.2 billion.
Ethereum and Solana ETFs fared worse relative to their size. Ethereum funds lost $155.7 million on Friday, extending a five-day outflow streak to about $431 million. Solana ETFs shed $10.8 million, their fifth straight day of outflows, and logged net inflows on just two days all month.
Bitcoin steadies near $77,520
Crypto markets initially appeared to take the hack largely in stride. Bitcoin fell about 4% to roughly $76,400 on Friday, and more than $1.3 billion in leveraged positions were liquidated. By Saturday, it had steadied at about $77,520, up 0.5% over 24 hours but down 3.3% on the week.
Binance has pledged to cover all losses with company funds and an emergency reserve, while Tether and Circle froze more than $2.3 billion in stolen stablecoins. Some Wall Street firms even urged clients to buy crypto-linked stocks on the potential weakness in markets.
Macro pressure and bearish bets
Macro headwinds remain in play. The Federal Reserve held rates at 3.75% to 4% on Wednesday, but two officials voted for a hike, and traders had priced odds above 70% for an increase in December.
Traders on Myriad, a prediction market developed by Decrypt's parent company Dastan, have also turned bearish. They now give Ethereum a 51.3% chance of falling to $1,500 before reaching $3,000, flipping a market that favored the upside at 61.3% a week ago.
Source: Decrypt
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