TL;DR
- S. investment funds lead losses with $1.17 billion in withdrawals.
- Bitcoin and Ethereum suffer heavy institutional selling, while Solana attracts $118 million.
- Bitcoin’s price recovers to $106K, showing retail resilience against “OG” selling.
The cryptocurrency exchange-traded products (ETPs) market experienced extreme volatility, maintaining high trading volumes of $43 billion last week. However, investor sentiment remains fragile, affected by the October 10 liquidity cascade and macroeconomic uncertainty.
A brief midweek rebound, driven by optimism over a potential resolution to the U.S. government shutdown, quickly faded, triggering a new wave of withdrawals.
The U.S. market was the epicenter of the losses, accumulating $1.17 billion in outflows. In contrast, Germany and Switzerland showed opposite trends, recording inflows of $41.3 million and $49.7 million, respectively.
Spot Bitcoin ETF outflows in the U.S. totaled $1.22 billion net between November 3 and 7, marking the third-largest weekly withdrawal on record, according to SoSoValue. Friday alone accounted for $558.4 million in withdrawals, the largest single-day loss since August. Ethereum ETFs were not far behind, losing $508 million, also their third-worst week in history.
Bitcoin was the most affected asset with $932 million in net outflows, while Short Bitcoin ETPs (bets on the downside) saw inflows of $11.8 million, their strongest week since May 2025.
Solana and Altcoins Defy the Trend
Despite the pessimism in major assets, some altcoins showed remarkable resilience. Solana led the gains with $118 million in inflows, bringing its nine-week total to $2.1 billion. Other gainers included HBAR ($26.8 million) and Hyperliquid ($4.2 million), underscoring investor interest in emerging blockchain ecosystems.
Despite the massive Bitcoin ETF outflows, with heavy redemptions from key funds like BlackRock’s IBIT, Fidelity’s FBTC, and Grayscale’s GBTC, Bitcoin’s price managed to climb 4.4%. The asset briefly surpassed $106,000, suggesting that retail demand and spot market activity remain robust.
A report from QCP Capital noted that, although “OGs” (long-term holders) are selling, the current market has deeper liquidity than in past cycles, allowing it to absorb these supply shocks. Although Bitcoin firmly rejected the $100K level, QCP expects the price to remain in a trading range, with strong resistance near $118K.
