Bitcoin Falls Below $100k, ETF Outflows, Balancer Exploit
The market spent the week in risk-off mode: on Tuesday BTC broke below $100k on several major exchanges — the lowest since June; altcoins fell even more. We collected the week’s key signals to show where the risk is now and where demand remains.
ETF Flows and Liquidity
Outflows from spot Bitcoin ETFs — ~$1.9B over 6 days
Key dates: −$186.5M (11/03) and −$566.4M (11/04). Concentrated selling worsened intraday liquidity and widened spreads — it’s better to use limit orders and split orders into tranches.
Ethereum ETFs also “in the red”
On November 4, the total net outflow across ETH ETFs was about −$219M. Part of the capital is moving into cash/stablecoins, part into alternative thematic products. This is not a trend reversal by itself, but a reaction to higher volatility.
(Source: SoSoValue)
Inflows into Solana ETFs while SOL is falling
Since the end of last week, total inflows have exceeded $199M. Institutional accounts are entering step-by-step, but volumes are still not enough to stabilize the price — more of a selective bid than a reversal.
(Source: SoSoValue)
DeFi Incidents of the Week
Balancer V2 exploit
$110–$128M was drained from Balancer V2 and related pools (WETH, wstETH, osETH, etc.). Several forks/integrations temporarily limited operations. This is the biggest incident for the protocol so far.
The cause was precision/rounding errors and manipulation of invariants in the logic of certain pools, which allowed liquidity to be drained quickly. The case widened discounts and created local liquidity holes in thin pools.
Seven well-known traders “wiped out” on HyperLiquid
Amid sharp market moves, seven public accounts on HyperLiquid lost tens of millions, fully erasing prior record profits:
- Machi Big Brother: from +$44.8M to −$14.9M.
- A trader with 14 straight wins: from +$33M to −$30.2M.
- James Wynn: from +$87M to −$21.9M.
- Aguila Trades: from +$41.7M to −$37.6M.
- Gambler (qwatio): from +$26M to −$28.8M.
- Anonymous trader: loss > $45M — the largest case.
- Low-stack degen: from $125k → $43M profit and back to −$180k.
These stories show how quickly the market can wipe out even the most successful players when excessive leverage is involved.
(Source: lookonchain)
Corporates and Industry
Tether outpaces banks
Tether earned $10B in Q3 2025 — more than most banks worldwide. Other metrics:
- USDT in circulation rose to $183B.
- Holdings of U.S. Treasuries reached $135B — Tether became the 17th largest holder of U.S. debt, overtaking South Korea.
- 500M users worldwide.
- $12.9B in gold and $9.9B in BTC.
Ripple — $500M round and a pilot with Mastercard
The company raised $500M at a $40B valuation and, together with Mastercard, WebBank, and Gemini, is piloting RLUSD stablecoin settlements for credit cards on XRPL — a rare case of a bank and a major payments company doing on-chain settlements.
What This Means for Investors
- Liquidity is “patchy.” With BTC/ETH ETF outflows and DeFi risks, plan large transactions in advance. Use limit orders and split into tranches.
- Collateral control. Check LTV on collateralized loans and add a safety buffer for volatile assets and LP tokens.
- DeFi counterparty risk. Reduce exposure to the long tail of pools/bridges and keep emergency exit rules in place.
- Parking cash. A share of stablecoins with public reporting and deep liquidity pairs (BTC/ETH–stable) helps reduce slippage during peak hours.
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