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Last week, investors withdrew $1.28 billion from spot Bitcoin exchange-traded funds. This is the largest weekly outflow since June. At the same time, Bitcoin continued to fall and at one point on November 9 dropped to $73,708 - the lowest since August.
Overnight on November 4, BTC dropped to $75,653 — just $202 above Strategy's average purchase price (Michael Saylor's company, the largest corporate holder of Bitcoin). The paper profit on 849,327 coins shrank to $171.6 million on a position of $64.08 billion.
On the evening of November 2, at around 20:55 Moscow time, the Bitcoin price broke below the $77,000 mark. The move was recorded in trading on the crypto market, which operates without weekends, so Sunday evening here is a full-fledged trading session.
After a $6.3 billion hack - the largest in crypto history - Binance transferred 7,499 BTC from its SAFU insurance fund. The fund's Bitcoin reserves have roughly halved: from ~15,000 BTC to ~7,500 BTC (about $583 million), and the exchange has not given a timeline for replenishing it.
On October 30, US spot Bitcoin ETFs (exchange-traded funds through which Bitcoin is bought like a regular stock) lost $643.33 million - more than they had gathered over the previous four days combined. The streak of inflows was broken by the very first full trading session after the security incident at Binance.
Three large holders (known as whales) transferred a total of 6,168 BTC to Coinbase Prime - the division of the Coinbase exchange for institutional clients - overnight, about $498.5 million. This is happening with Bitcoin priced around $80,800, that is, at the month's lows.
On October 6, U.S. spot crypto ETFs diverged: Bitcoin funds received $118.8 million in inflows, while Ethereum funds saw $201.9 million in outflows. Overall, across Bitcoin, Ethereum, and Solana, the day closed with a net outflow of approximately $86.8 million.
In the week to September 27, 23,137 BTC were withdrawn from Binance, and since September 20 the exchange's reserves have shrunk by almost 40,000 BTC. At the same time, large players increased the volume of stablecoins on the platform, creating a potential reserve of liquidity for future purchases.
