On November 9, significant outflows occurred from U.S. spot Bitcoin and Ethereum exchange-traded funds (ETFs), totaling $385.6 million. Bitcoin funds marked their third consecutive day of net outflows. According to CryptoAppsy, Bitcoin is currently trading at $74,829.
Dominant Outflows in IBIT and ETHA
Data released by Farside Investors on November 10 highlighted that $201 million was withdrawn from 12 spot Bitcoin ETFs in the U.S. BlackRock’s iShares Bitcoin Trust (IBIT) alone accounted for $213.2 million in outflows, while ARK Invest and 21Shares’ ARKB saw $9.9 million exit. Meanwhile, $22.1 million flowed into MSBT, partially offsetting these withdrawals. No significant net activity was noted in the other nine funds.
The spot Ethereum ETFs experienced $184.6 million in net outflows, with ETHA leading at $119.3 million. Additionally, $25 million left ETH, $20.8 million exited ETHB, and FETH recorded a $19.1 million outflow, with TETH seeing $2 million leave. Conversely, MSSE received $1.6 million, with no notable net movement in the other funds.
Fitch Highlights Liquidity in Binance Cyberattack
A recent cyberattack on Binance resulted in the theft of around $6.3 billion in cryptocurrency across various blockchains, including approximately 18,270 Bitcoin valued at $1.5 billion at the time. Consequently, Binance temporarily halted withdrawals and trading. Following the announcement, Bitcoin’s value dropped by about 6% over the next 10 hours.
According to a Fitch Ratings report from November 9, Bitcoin has seen sharp declines in past market disruptions, falling 35% in a day during the onset of the COVID-19 pandemic in March 2020, 14% during FTX’s collapse in 2022, and 21% in the 2015 Bitstamp breach. During the Binance incident, Bitcoin’s daily trading volume surged by 67%, reaching $40.9 billion. Fitch emphasized that the distribution of liquidity across platforms helps ensure stability by providing liquidity from other exchanges when one faces disruptions, reducing widespread market shock risks.
Changpeng Zhao, co-founder of Binance, expressed on platform X that the decentralized sector should collaborate more efficiently during crises, while Fitch warned that major cyberattacks pose significant risks in terms of asset loss and transaction interruptions.
MARA Eliminates $750 Million Debt Through Bitcoin Sales
Financial outcomes disclosed by Wu Blockchain on November 9 revealed that U.S. Bitcoin miner MARA sold 13,597 Bitcoin at an average price of $81,039, generating approximately $1.1 billion after the third quarter of 2026. This allowed the company to fully repay its $750 million Bitcoin-backed loan, releasing the collateral of 17,477 Bitcoin.
MARA’s third-quarter revenue fell by 35% year-on-year, reaching $164.2 million. Despite this, net profit rose to $632 million, aided by an approximate $885 million fair value appreciation in digital assets. As of September 30, its Bitcoin holdings decreased by 36% year-on-year to 34,012, although third-quarter production increased by 5%, reaching 2,247 Bitcoin.
Capital Management in Bitcoin Treasury Companies
Ben Werkman, Investment Director at Strive, noted on platform X that Bitcoin treasury firms can finance Bitcoin acquisitions by issuing common stock when their share valuation exceeds the per-share Bitcoin value. Werkman highlighted that companies could leverage without diluting existing shareholders by issuing bonds or preferred shares.
Werkman suggested that if shares are undervalued or if the company has surplus cash, share buybacks can enhance per-share value. Companies can optimize long-term shareholder value by balancing between share issuance, leverage, and repurchase based on market dynamics.
