\n\t\t\t\t\t\t\t\t\tAlmost $1.3 billion left the BTC ETFs in the past week alone.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
During the first full week after the major Binance hack, which coincided with the US midterm elections, the spot Bitcoin ETFs recorded their largest net outflows since late June.<\/p>\n
Meanwhile, their Ethereum counterparts continue to see red-only, as their negative weekly streak has been extended to six in a row.<\/p>\n
BTC ETFs Bleed $1.28B<\/h2>\n
As CryptoPotato<\/em> reported<\/a> last weekend, the last trading day of October turned the entire month around. With over $640 million being withdrawn from the Bitcoin ETFs<\/a> at the time, a major outflow that followed the aforementioned Binance hack, the funds closed the month with $515 million in the red. This was the first such instance since June, when the financial products bled out $4.51 billion.<\/p>\n As the actual impact of the hack unraveled, investors pulled out another $400 million on November 2 (Monday), and $115.56 million on Tuesday (midterm election day). The bulls returned on Wednesday, pouring $74.57 million into the funds, which helped drive the underlying asset\u2019s major surge<\/a> at the time to $81,000.<\/p>\n However, that rally was short-lived, and so were the net inflows. Investors changed their tune on Thursday and Friday, withdrawing another $430 million and $412 million, respectively. Expectedly, BTC\u2019s price tumbled<\/a> hard in line with these outflows, dumping to a seven-week low of under $75,000 on Friday.<\/p>\n Ultimately, the week ended with net outflows of $1.28 billion, the highest since the last full week of June, when the number was close to $1.8 billion.<\/p>\n The leading altcoin plunged by double digits in October, and the ETF outflows were among the major reasons. As reported<\/a> last weekend, October\u2019s withdrawals hit an all-time high, with $1.61 billion leaving the funds. There were only three green days throughout the entire month, each with less than $25 million.<\/p>\n This negative streak for the Ethereum ETFs<\/a> has extended. Aside from November 4, which saw net inflows of $53 million, the other four trading days were deep in the red \u2014 each saw more net outflows than the Wednesday 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.<\/p>\n The week ended with just over $365 million in net outflows, which makes it the sixth consecutive week in the red. The cumulative total net inflows have declined from $13.94 billion at the end of September to $11.92 billion as of November 6. Meanwhile, ETH\u2019s price has tanked hard to under $2,250, posting a 10% monthly drop.<\/p>\n \u00a0<\/p>\n6 In a Row<\/h2>\n
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