Spot Bitcoin ETFs Bleed $643 Million in a Day, Wiping Out Most of This Year’s Gains

US spot Bitcoin ETFs saw $643.3 million leave on Friday, the first trading session after the Binance hack and the heaviest single-day withdrawal since June 25, when $696.3 million went out. Before that session, the funds were up just over $1 billion for the year, so the exit erased about 63.6% of those inflows. It ranks as the 12th largest daily outflow since these products launched in January 2024, and it narrowly topped the $635.5 million recorded on Oct. 22.

Which Funds Lost the Most

BlackRock’s IBIT led with $233.7 million in redemptions, with Fidelity’s FBTC next at $201.4 million. Total assets under management slipped below $100 billion to $98.14 billion, according to Bitfire Research.

Why Investors Are Pulling Back

Bitfire pointed to a Coinbase premium stuck in negative territory, between -0.18% and -0.27%, and a Crypto Fear and Greed Index drifting into the 30 to 36 range. Spot Ether ETFs also posted weekly outflows.

What Crypto Investors Are Watching Next

Three events could shape sentiment. The first is the US midterm election, which may affect the regulatory outlook for President Donald Trump’s last two years in office. The second is the Nov. 6 jobs report, which could move Fed rate expectations.