Bitcoin ETF Outflows Deepen With Another $399 Million Exit as Bitcoin Nears $76,500

US spot bitcoin ETFs lost roughly $398.6 million on 2 November, following about $643 million of outflows on 30 October. Together, the two sessions account for around $1 billion of withdrawals since the Binance security incident. Bitcoin traded near $76,500 on 3 November. Sources differ on some of the outflow totals, so treat the figures as approximate.

What happened

The outflows came after a reported theft of about $6.3 billion from Binance on 29 October, which Binance attributed to North Korea, citing the FBI. Binance said it would cover the losses itself rather than pass them on to users, and that 98% of affected token assets had been replenished as of 31 October. Even with that reassurance, ETF investors kept pulling money. BlackRock's IBIT led the October 30 outflows with about $234 million, followed by Fidelity's FBTC at about $201 million.

The fresh withdrawals arrived as the midterm elections approached, and some analysts described the flows as more of a sentiment shock than a structural break. Others pointed out that the withdrawals amounted to less than 1% of total assets under management in these funds. Sentiment in the crypto market remained in fear territory on 3 November.

Why it matters for traders

• Two straight sessions of ETF outflows show institutional money is cautious, not just reacting to a single day.
• The gap between the size of the hack and the size of the ETF outflows suggests the damage is more about confidence than direct losses to funds.
• Bitcoin trading near $76,500 puts the price close to the support zone that traders have been watching since late October.
• Ether and other altcoin products have also seen weak flows, so the selling is not limited to bitcoin.
• Macro headlines, especially around interest rates and the dollar, continue to affect crypto prices alongside exchange-specific news.

What to watch

Watch whether ETF flows turn positive again over the next few sessions, which would suggest confidence is returning. A break below the mid-$70,000 area would test the most recent support zone. Any new Binance update on reserves or withdrawals will also matter for sentiment, along with the midterm results and how they affect crypto policy expectations.

Educational content, not investment advice. Practise crypto volatility risk-free in the Trading Titans paper trading app.