U.S.-listed spot Bitcoin exchange-traded funds (ETFs) recorded their largest daily withdrawal since June 25 on Friday, surrendering a substantial portion of the investor capital they had attracted throughout 2026. The sell-off came during the first trading session after the $6.3 billion Binance hack.
The funds, which are widely viewed as an indicator of institutional interest in Bitcoin, experienced combined net outflows of $643.3 million, according to data from SoSoValue. Before Friday’s withdrawals, their cumulative net inflows for the year stood at slightly more than $1 billion.
Friday’s exodus wiped out 63.6% of those year-to-date gains, leaving the funds with only a modest positive balance for 2026. It also ranked as the 12th-largest single-day outflow since spot Bitcoin ETFs began trading in January 2024. The previous larger withdrawal occurred on June 25, when investors pulled $696.3 million from the products.
BlackRock’s IBIT accounted for the largest share of Friday’s withdrawals, recording $233.70 million in outflows. Fidelity’s FBTC followed with $201.4 million in net redemptions.
Spot Bitcoin ETFs hold the cryptocurrency directly and issue exchange-traded shares, allowing investors to gain exposure to Bitcoin without purchasing or storing the digital asset themselves.
The latest withdrawals, which narrowly exceeded the $635.5 million outflow recorded on October 22, point to weakening investor appetite. Other market indicators have shown similar pressure, including the Coinbase premium, which traders monitor to assess buying demand from U.S.-based investors.
In an email to CoinDesk, Bitfire Research said U.S. spot Bitcoin ETFs experienced approximately $643 million in net outflows on Friday, October 30, pushing their total assets under management below $100 billion to $98.14 billion. Spot Ether ETFs also recorded continued weekly withdrawals.
The research firm added that the Coinbase premium remained negative, ranging between -0.18% and -0.27%, while the Crypto Fear & Greed Index declined into the 30–34 range. Together, these indicators suggested that institutional participation and spot-market buying strength had weakened.
Decentralized options exchange Derive linked the sharp ETF withdrawals to the $6.3 billion Binance exploit late Thursday.
“The market was already under pressure, but the Binance hack added another layer of uncertainty. $643M exits Bitcoin ETFs as traders rush to protect against further losses. The reaction from traditional investors has been significant. US spot Bitcoin ETFs recorded $643 million in net outflows on Friday, their first trading session following the hack,” Nick Forster, Derive’s founder and CEO, told CoinDesk.
Derive operates one of the largest decentralized options trading platforms, a derivatives market segment that has expanded rapidly across the crypto industry.
What could influence markets next?
Bitfire Research identified three upcoming developments that could shape market sentiment and institutional positioning in the near term.
The first is the November 3 U.S. midterm election. Its outcome could affect the political and regulatory environment during the final two years of President Donald Trump’s current term.
The second major event is the November 6 nonfarm payrolls report, which will provide an update on the U.S. labor market in October. The employment figures could influence expectations for Federal Reserve interest-rate decisions, potentially affecting cryptocurrencies and other risk assets.
The third factor is MSCI’s final list of companies affected by its revised rules for non-operating businesses. The index provider has identified major Bitcoin treasury companies Strategy and Metaplanet as potential candidates for removal from its indexes.
An exclusion could trigger selling from passive investment funds holding their shares. It could also indirectly affect the companies’ ability to raise capital and continue expanding their Bitcoin reserves.
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