Bitcoin spent Sunday trading just above $78,000, which would have been a strange sight after the week it just had. United States spot Bitcoin and Ether exchange traded funds lost a combined $798.9 million on Friday, October 30, in a single session that wiped out four days of buying. Bitcoin was at $78,052.39 on Coinbase at about 09:18 UTC on November 1, up 0.95 percent over the rolling 24 hour window, while Ether was at $2,270.70, up 1.27 percent. Those are spot prices from a weekend when the ETF market was closed, so the two sets of numbers cover different windows. The funds were selling hard on Friday and the coins were still standing on Sunday, and that gap is the part worth paying attention to.

Friday wiped out a week of buying

Farside Investors put net outflows from United States spot Bitcoin ETFs at $643.2 million on October 30, the largest daily withdrawal since June. That came after $440.8 million in net inflows across the four sessions from October 26 to October 29, so one Friday session took out all of that and left the week with a net outflow of $202.4 million. BlackRock's IBIT accounted for $233.7 million of the Friday exit, Fidelity's FBTC lost $201 million and ARK 21Shares' ARKB lost $129.5 million. Those three funds accounted for $564.2 million, or about 87.7 percent, of the day's total, which means this was not a broad panic across every product. It was concentrated selling in the biggest names, on the last trading day of a month that had already been rough for crypto.

Ether has had a worse month than Bitcoin

Ether funds did not get a break at any point last week. They lost $155.7 million on Friday, which took their weekly total for October 26 to October 30 to $431.4 million, and every one of those five sessions was negative. October as a whole added up to about $1.61 billion in net outflows from Ether ETFs, and Glassnode put the run at 23 consecutive trading days of net outflows through October 30. That is the longest losing streak since these funds launched in July 2024. BlackRock's ETHA led Friday with $76.6 million out, followed by $34.1 million from Grayscale's Ethereum Mini Trust and $21.5 million from its ETHE product. That steady drain lines up with the price, because Ether has fallen from near $2,700 in late September to about $2,300. Bitcoin also closed October down 7.3 percent at $77,424, its weakest October in at least ten years.

Why the price did not follow the money out

It is tempting to read Friday as a verdict on Bitcoin itself, but the flow data does not prove why investors redeemed their shares. The selling came a day after the Binance hack on October 29, when about $6.3 billion was taken from the exchange, and nerves were already high across the market. Some of that money may have been investors cutting risk after a shock, and some may have been month end rebalancing. What the data does show is that the selling was real and it was large, and it still did not push Bitcoin below $77,000 on Sunday. United States spot Bitcoin ETFs have taken in more than $57 billion in net inflows since they launched in January 2024. IBIT alone finished October with $932.1 million in net inflows even after its $233.7 million Friday loss, while its smaller rivals lost about $1.45 billion between them in October.

The next test comes on Monday, when ETF trading opens again and the first November flows print. If the outflows continue into a second week, the story changes from a bad Friday to a shift in how big investors are treating crypto after a rough October. If the money comes back, Friday will look more like a sharp reaction to a bad week than the start of a longer retreat. Either way, the weekend gave traders a useful piece of information. A $643.2 million exit from Bitcoin ETFs and a $155.7 million exit from Ether ETFs was enough to erase a week of inflows in a day, and it was not enough to break Bitcoin's hold above $78,000. That does not mean the selling is over, and it does not mean the bottom is in. It means the market absorbed a very large institutional sale and kept trading, and for now that is the most important fact in the room.

-------Author: Cedric HollowayNew York NewsroomGlobalCryptoPress | Breaking Crypto News

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