At Friday’s close, let’s run the numbers. U.S. spot Bitcoin ETFs saw $643 million in net outflows in a single day, with BlackRock’s IBIT alone shedding about $234 million. The roughly $441 million in inflows accumulated over the previous four trading days was completely wiped out in one day, leaving the week down about $200 million overall.

Ethereum’s numbers were even gloomier. On the same day, U.S. spot Ethereum ETFs saw about $156 million in net outflows, with BlackRock’s ETHA accounting for roughly $76.6 million. According to Glassnode, as of October 30, these ETFs had posted net outflows for 23 consecutive trading days—the longest streak since their launch in July 2024—with more than $1 billion flowing out in October alone. They had still seen $832 million in net inflows in September; the tide turned in just a month.

On Saturday, the FBI named the group: North Korean hacking outfit TraderTraitor was behind the theft of about $6.36 billion from Binance. TRM Labs estimated that the stolen funds spanned 10 blockchains, with most transferred within 20 minutes. The FBI also warned that the attackers are mainly converting the stolen funds into $ETH and will continue laundering them in stages. Binance said the same day that it had recovered 90%, with the company’s own funds covering more than $6.34 billion.

Here’s the interesting contrast: institutions are pulling money out of ETFs, but spot prices haven’t continued to crash. Bitcoin was still around $77,500 on Sunday morning, and Ethereum was near $2,260. The Fear & Greed Index stood at 34 (alternative.me, November 1). Total liquidations across the crypto market were about $1.57 billion on Friday, falling to around $427 million on Saturday—the worst of the wave has passed.

One thing to note: the timing coinciding doesn’t prove that ETF investors were spooked by the theft and pulled out. Money moving doesn’t tell us why each person moved it. There are just two things to watch next: whether ETF funds continue to flow out on Monday or turn around, and whether Binance withdrawals resume as planned. Once things stabilize on both fronts, the $77,000 level will have a firmer footing.

What do you think about this ETF move: better to get out early, or has the market overreacted and sold off too much?