Crypto Daily | Bitcoin Retreats Toward $74K; Spot Bitcoin ETFs Have Net Outflows of $1.28 Billion Last Week; Binance's CFO Leaves Company in Wake of $6 Billion Crypto Heist

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Wall Street Hits the Sell Button: $1.28 Billion Pulled From Bitcoin ETFs in One Week

Institutional capital outflows from the crypto market accelerated further last week. According to SoSoValue data, U.S. spot Bitcoin ETFs recorded $1.28 billion in net outflows during the week of November 2–6 (U.S. Eastern Time), the largest weekly withdrawal since late June. Spot Ethereum ETFs lost $365 million, extending their outflow streak to six consecutive weeks. Spot $SOL ETFs saw $26.25 million in net outflows, while $HYPE ETFs shed $15.62 million and $XRP ETFs posted a modest $529,500 in net outflows.

Combined net outflows across the five major crypto spot ETF categories reached approximately $1.69 billion, about 2.4 times the previous week's $702 million. Meanwhile, $BTC briefly recovered above $80,000 last week before retreating toward $74,000, then fell below $75,000 on November 9. $ETH dropped below $2,300 during the week and subsequently broke below $2,100 over the weekend.

Binance’s CFO Leaves Company in Wake of $6 Billion Crypto Heist

Kaiser Ng, the chief financial officer at Binance Holdings Ltd., the world’s largest crypto exchange, is leaving, the company announced just days after hackers stole more than $6 billion in cryptocurrency from the platform.

“Kaiser Ng has decided to pursue a new venture after more than five years at Binance, with a transition plan implemented over the last six months,” Binance co-Chief Executive Officer Yi He said in a statement. “We wish him the best in his next chapter.” Justin Yek will become the firm’s new CFO, she said.

Hackers stole $6.3 billion from Binance last week in the biggest heist in cryptocurrency’s history. It came as the industry leapfrogs into the mainstream at a time when the ascent of artificial intelligence presents ever-increasing cybersecurity challenges.

Crypto’s Trump-Fueled Washington Boom Reaches Its Endgame

Crypto’s extraordinary run of political good fortune in Washington has come to an abrupt halt. With Democrats set to control Congress following their midterm sweep, the industry faces the prospect of tougher rules and closer scrutiny of its ties to President Donald Trump.

Now crypto faces the harder test of becoming a lasting force in finance as its extraordinary political advantage evaporates. The Democratic sweep threatens to make comprehensive legislation harder to secure on the industry’s preferred terms and raises the prospect of congressional Crypto Industry Braces for Capitol Hill Probes, Policy Defense into Trump’s crypto dealings.

“Many significant figures in crypto aligned themselves with the Trump family,” said Austin Campbell, a crypto expert and former banker who is now an adjunct professor at the NYU Stern School of Business. “Those chickens are likely to come home to roost.”

Binance Alpha Has Resumed Withdrawals on Four Networks: BSC, Ethereum, Base, and Arbitrum

Binance Alpha has resumed withdrawals on four networks: BSC, Ethereum, Base, and Arbitrum.

Previously restored assets included multiple tokens on the $ETH and SOL networks, as well as HYPE and APT. Binance stated that it will continue to restore more assets and networks in phases, and will provide further updates through official channels once the related security checks are completed.

Trump Confirmed Co-Ownership of World Liberty Financial, Stating He Is Unaware of the Business Operations.

U.S. President Trump confirmed he is a co-owner of the cryptocurrency company World Liberty Financial, but said he knows nothing about the company's operations.

When asked about investors linked to the UAE government holding partial stakes in the company, and whether foreign investors believe they can gain influence through investment, Trump said he did not know and stated that his son manages the family business.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Friday was $411.92 million. The total net asset value of Bitcoin spot ETFs is $95.9 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.28%.

Source: SoSoValue

The Bitcoin spot ETF with the highest net outflow on November 6 was iShares Bitcoin Trust, with a net outflow of $403 million, according to SoSoValue.