Bitcoin bears $946m brunt of broader $360m crypto outflow

Bitcoin bled nearly a billion dollars alone last week, single-handedly driving a sector-wide flight of $360 million as Jerome Powell’s “not a foregone conclusion” remark cooled December rate-cut hopes.

According to a Nov. 3 report by CoinShares Head of Research James Butterfill, digital asset investment products logged $360 million in outflows last week, their largest in over two months.

The U.S. accounted for the bulk of the pullback, with $439 million leaving locally listed funds following Federal Reserve Chair Jerome Powell’s remarks that another rate cut this year was “not a foregone conclusion.” Bitcoin (BTC) exchange-traded products bore the sharpest hit, shedding $946 million as investors reduced exposure to the asset most sensitive to monetary policy shifts.

Solana shines as Bitcoin stumbles

The outflows from U.S.-listed Bitcoin ETFs were widespread, indicating a broad-based retreat rather than an issue with a single fund. Data reveals the iShares Bitcoin Trust saw outflows of $390 million, while Fidelity’s Wise Origin Bitcoin Fund witnessed a $156 million withdrawal.

Bitcoin’s market performance mirrored that sentiment. The asset traded around $107,727 at press time after dropping more than 3% in 24 hours. BTC is now down roughly 12% over the past month and 15% below its all-time high of $126,198 set on Oct. 6.

While Bitcoin buckled under macroeconomic pressure, other digital assets told a different story. Solana (SOL) emerged as the undeniable standout, with its new U.S. ETFs pulling in a monumental $421 million.

Ethereum (ETH) also managed to attract a modest $57.6 million, though its daily flows revealed hesitant investor sentiment. Beyond the major players, assets like XRP, Sui (SUI), and Litecoin (LTC) saw combined inflows of nearly $54 million, suggesting that capital is actively seeking opportunities beyond the market leader.

Regional data added another layer to the divide. Germany and Switzerland posted inflows of $32 million and $30.8 million, respectively, with Canada and Australia also seeing modest gains.