US spot bitcoin ETFs lost $643 million on Friday, the first full session after a roughly $6.4 billion theft from Binance. Ether and Solana funds also bled, and rate-hike risk from the Federal Reserve keeps fund flows in focus.
Bitcoin funds see their largest daily exit since June
US spot bitcoin exchange-traded funds shed $643 million on Friday, according to The Block, which called it the largest single-day outflow since June 25. CoinDesk tied the same figure to the first trading day after the Binance hack and noted that the year's gains for the funds are now thin. Decrypt, using its own ETF tracker, put the exact figure at $643.2 million.
The timing matters because the funds were building momentum before the theft. Decrypt reported that Friday's selling wiped out a four-day run of inflows worth $441 million. That left the funds down about $202 million for the week.
How the hack and the ETF session lined up
Decrypt's account is the only one of the three with full text, and it supplies the timeline. Attackers began draining roughly $6.4 billion from Binance at 4:05 p.m. ET on Thursday, after US markets had closed. Thursday's $17.2 million in fund inflows therefore came before the theft, which makes Friday the first real test of investor reaction.
Decrypt described the incident as the largest crypto hack in history. The Block used the word "record" in its own headline. CoinDesk's summary, which is all that is available from that outlet, did not characterise the size of the theft.
The key figures
Decrypt's tracker gives the most detailed picture of flows across the three fund groups.
- Bitcoin ETFs: $643.2 million in outflows on Friday, the biggest daily outflow of October, leaving the month at roughly $516 million in net outflows.
- Bitcoin ETF totals: cumulative net inflows slipped to $57.4 billion since launch, with total net assets at $103.2 billion.
- Ethereum ETFs: $155.7 million in outflows on Friday, extending a five-day streak to about $431 million and taking October losses to roughly $1.61 billion.
- Solana ETFs: $10.8 million in outflows, their fifth straight day of withdrawals, totalling about $72 million for the week.
Where the outlets agree and where they differ
All three outlets agree on the core number and on the link to the Binance theft. The differences are in framing. The Block and CoinDesk both measure the outflow against history, with The Block calling it the largest in four months and CoinDesk pointing to the same June 25 reference date. Decrypt instead measures it against the month, calling it October's biggest single-day outflow.
These framings do not conflict. A June 25 reference implies no larger daily outflow in the months since, and October falls inside that window. Only Decrypt adds the weekly and monthly totals, the Ethereum and Solana comparison and the market context. CoinDesk's headline also says 2026 is barely in positive territory for the funds, a point its summary does not break down further.
A smaller market shock than the headline suggests
Decrypt reported that crypto markets initially took the theft largely in stride. On Friday the price of Bitcoin dropped roughly 4%, to about $76,400, while liquidations of leveraged positions topped $1.3 billion. The outlet contrasted that with the nearly 11% plunge that followed a failed attack on Binance in 2018.
Two responses appear to have limited the damage. Binance said it will cover all losses from company funds and an emergency reserve, according to Decrypt. Tether and Circle froze more than $2.3 billion in stolen stablecoins. Decrypt also noted that certain Wall Street firms encouraged clients to purchase shares of companies tied to crypto, citing the potential market dip, although it did not name them.
By Saturday, Decrypt said, Bitcoin had steadied near $77,520. Current CoinGecko data shows Bitcoin at $78,064, which is down 2.6% over seven days and 7.7% over 30 days. Ether trades at $2,282 and is down 14.7% over 30 days, a steeper slide that matches the heavier fund outflows in that market.
Macro pressure sits behind the flows
The theft landed during a tense week for rates. According to Decrypt, the Federal Reserve left rates unchanged on Wednesday within a 3.75% to 4% range, though two officials favored a hike. Traders had priced odds above 70% for a hike in December.
That backdrop makes it harder to attribute Friday's exit to Binance alone. The sources do not say how much of the selling came from the hack and how much from rate worries. Decrypt also pointed to Myriad, a prediction market built by its parent company Dastan, where traders put the likelihood of Ethereum dropping to $1,500 before climbing to $3,000 at 51.3%. A week earlier, the market favoured the upside at 61.3%. Those odds reflect trader sentiment and are not forecasts.
What to watch next
The first question is whether Friday was a one-day reaction or the start of a longer run. Flow figures are published each day, and a large share of the capital originates with institutional investors and financial advisers, so upcoming sessions will show whether the selling continues. A return to inflows would suggest the hack was absorbed quickly.
The second is how the stolen funds and Binance's repayment pledge unfold. Neither CoinDesk's nor The Block's summary covers recovery details, and Decrypt reports only the stablecoin freezes and the compensation promise. The third is the Federal Reserve's December decision, which Decrypt says traders see as likely to bring a rate increase. Each of these remains an open question rather than an established cause of the outflows.
Market snapshot
| Asset | Price | 24h | 7d | Market cap |
|---|---|---|---|---|
| Bitcoin (BTC) | $78,064 | +0.3% | -2.6% | $1.57 trillion |
| Ethereum (ETH) | $2,282 | +0.7% | -1.8% | $278.78 billion |
CoinGecko data as of 2026-11-02 (UTC).
FAQ
How much did US spot bitcoin ETFs lose after the Binance hack?
They shed $643 million on Friday, or $643.2 million by Decrypt's count. The Block said it was the largest single-day outflow since June 25. The funds ended October with roughly $516 million in net outflows, according to Decrypt.
How large was the Binance hack?
Decrypt reported that attackers drained roughly $6.4 billion beginning at 4:05 p.m. ET on Thursday. It called the incident the largest crypto hack in history. Tether and Circle froze more than $2.3 billion in stolen stablecoins, and Binance pledged to cover all losses.
Did Ethereum and Solana ETFs also see outflows?
Yes. Decrypt reported Friday outflows of $155.7 million from Ethereum funds, which stretched their run of withdrawals over five days to about $431 million. Solana funds shed $10.8 million for a fifth straight day of outflows.
Sources
- CoinDesk: Bitcoin ETFs lost $643 million in outflows Friday, and 2026 is barely green now (2026-11-02)
- The Block: Spot bitcoin ETFs see largest daily outflows in four months following record Binance hack (2026-11-02)
- Decrypt: Bitcoin ETF Investors Head for the Exits After Record Binance Hack (2026-11-01)
- CoinGecko (market data)
Written by the Coinvote news desk from reporting by CoinDesk, The Block and Decrypt. Not financial advice.
