U.S. spot Bitcoin ETFs shed $643.2 million on Friday, their largest single-day outflow of October, in the first trading session following Thursday’s $6.4 billion hack of Binance.

Bitcoin fell approximately 4% on Friday as the outflow erased a $441 million four-day inflow run. By Saturday, Bitcoin had steadied near $77,520, posting a 0.5% gain in 24 hours but remaining down 3.3% for the week.

The Binance hack began Thursday at 4:05 p.m. ET. Binance pledged to cover all losses with company funds and an emergency reserve. Tether and Circle, the two largest stablecoin issuers, froze more than $2.3 billion in stolen stablecoins to limit damage.

Bitcoin ETFs have accumulated $57.4 billion in net inflows since launching in January 2024, with total net assets now at $103.2 billion. The Friday outflow contributed to a $202 million net outflow for the week and $516 million in October losses overall.

Ethereum ETFs experienced parallel pressure. The Ethereum products posted a $155.7 million outflow on Friday, extending a five-day losing streak to $431 million. Ethereum ETFs have suffered $1.61 billion in outflows during October, despite accumulating $12.2 billion in net inflows since their July launch.

Solana ETFs posted a $10.8 million outflow Friday and a $72 million weekly decline.

The broader crypto market cap stood at $2.7 trillion. Market liquidations totaled $1.3 billion as leverage unwound across platforms.

Macro backdrop

The Federal Reserve held rates at 3.75% to 4% on Wednesday, with two officials voting for a rate increase. Traders had priced odds above 70% for a December rate hike, suggesting expectations for further tightening.

Some Wall Street firms urged clients to buy crypto-linked stocks on the potential weakness, according to market reports.

Prediction market signals

Prediction market platform Myriad shifted to bearish Ethereum odds following the hack. Myriad traders assigned 51.3% probability to Ethereum falling to $1,500 before reaching $3,000, reversing prior odds of 61.3% favoring the upside scenario.

Myriad traders assigned 53.7% probability to Solana falling to $40 before $160.

ETF flows are closely monitored as a gauge of institutional and adviser sentiment because issuers report them daily and much of the capital originates from institutions and financial advisers.