Let’s reconcile the numbers first: This morning I said that reopening withdrawals hadn’t triggered a market collapse, and I wasn’t proven wrong: $BTC recovered to 78,400, and $ETH returned to $2,290. But the other ledger tells the opposite story: SoSoValue shows that U.S. spot $BTC ETFs saw net outflows of $643.3 million last Friday—their biggest daily outflow since June 25. That wiped out $440.8 million of inflows over four days, leaving net outflows of $202.6 million for the week. IBIT saw $233.7 million in outflows and FBTC $201 million, together accounting for two-thirds of the total; $ETH also saw $155.9 million in outflows that day, its biggest since October 7. Put it in perspective: $643 million is less than 1% of the total $98.14 billion market. ETF coins are held by regulated custodians and have no direct exposure to Binance hot wallets, so this is sentiment contagion, not a collapse. Bottom line: a rebound doesn’t mean institutions are back. To verify, watch tonight’s ETF flows and tomorrow’s, November 3, proof of reserves. Just my personal opinion, for reference only.
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Will ETF outflows continue tonight, or will they stabilize and turn into inflows? Pick a side in the comments.