Home / Blog / 8 November 2026

News · Nov 8, 2026 · 4 min read

Bitcoin today: ETFs shed $1.28 billion in a week, Binance's CFO steps down

The US spot bitcoin ETFs have now given back everything they took in this year, Binance's finance chief is leaving nine days after the largest crypto theft on record, and a listed miner reported that AI leasing is now 83% of its sales. Meanwhile a coin still costs about a quarter of its price to make.

Firsthand card: the headline "Bitcoin today: ETFs shed $1.28 billion in a week, Binance's CFO steps down" in white on the site's dark background

The ETFs have given back all of this year's money

The twelve US spot bitcoin ETFs lost a net $1.28 billion last week, their worst week since late June and their second negative week in a row, according to The Block's count of SoSoValue data. Four of the five trading days were outflows. The only inflow was $74.6 million on Wednesday. On Friday alone BlackRock's IBIT lost $403 million.

That tipped the year. The funds had taken in about $368 million net since 1 January; they are now down about $914 million. Our ETF holdings chart shows what that means in coins: 1,297,980 bitcoin held on 28 October, 1,282,164 on 5 November, the last day our series has a reading. That is 15,815 coins gone in eight days, against roughly 3,600 new coins mined over the same stretch.

The Block ties the selling to a broad fall in crypto and shares after the US midterm elections, with bitcoin down 5.6% on Thursday. Bitcoin closed 7 November at $75,745 on our price series.

The funds sold about four times as many coins in eight days as miners produced.

Chart: Bitcoin held by every US spot ETF combined. The climb from August peaks on 28 October, then turns down; the last two days are not yet in the series. Open the chart

Binance's finance chief leaves nine days after the biggest theft on record

Binance co-CEO Yi He said on Saturday that CFO Kaiser Ng is stepping down after more than five years to "pursue a new venture", and that a transition plan had been in place for about six months, The Block reports. Justin Yek, from the payments firm Airwallex, takes over. No departure date was given.

The change follows the 29 October attack in which more than $6 billion was drained from Binance across several blockchains, the largest crypto theft on record. The FBI has attributed it to the North Korean group TraderTraitor. Binance says it has replenished about 95% of the affected assets from its own funds and has begun restoring withdrawals.

The stolen money is still moving. The analytics firm Elliptic says the attackers have swapped about $124 million of stolen tokens into bitcoin, spread over more than 20,000 wallets on 16 blockchains, and that a negligible amount has been cashed out so far. About $2.85 billion of the $6.43 billion it counts has been frozen.

A listed miner now earns 83% of its sales from AI leasing

TeraWulf reported on Friday that its third-quarter bitcoin mining revenue fell to $13.2 million from $43.4 million a year earlier, a drop of about 69%. Leases of its data centres for high-performance computing brought in about $63 million, up from $7.2 million, so that business is now 83% of its $76.2 million in sales, up from 14% a year ago (The Block).

The company has a 20-year lease with Anthropic for about 401 MW at a Kentucky campus, worth roughly $19 billion in contracted revenue. Its shares were up 8.1% before the market opened. TeraWulf is one of the listed miners turning power that mined bitcoin into power that is leased, which is the reverse of what an owner of hosted machines does with it.

What it means for miners

The coins leaving the funds and the power leaving mining are two different pressures, and neither touches what a machine earns per terahash. On 7 November the network paid $32.35 per petahash per day, a hashprice of 0.00043 bitcoin, unchanged to two figures from 1 November.

At $75,871 on 8 November, the most efficient machine in our store, at the cheapest site that can run it, makes a coin for about $19,500 of electricity: roughly a quarter of what a coin sells for. That gap is the miner's cushion when sentiment is weak, and the Fear & Greed Index has sat between 25 and 28 for the last three days.

A listed miner that turns its power over to AI leasing stops adding to the supply of coins it used to mine. A machine you own, on power you control, keeps adding to your stack on days like this. Output is never guaranteed, but the cost of each coin is known.

Sources and further reading

Disclosure

Firsthand Bitcoin sells and hosts mining hardware, including this machine. No manufacturer, distributor or affiliate programme paid for or reviewed this page and we take no commission on the links above. Historical figures are computed from daily bitcoin price and network hashprice, each day valued at its own prices. Nothing here is investment advice.