ETF Outflows, AI Stocks Miss, & A Brand New Siri

View from the Arch #107

November 07, 2025

Finally done with the bloodbath that was October. Here’s hoping for … Upvember?

This Week in Crypto

Another rough week unfortunately. Bitcoin spent the week fighting to hold above the $100,000 level, currently trading around $101K.

  • Bitcoin price briefly dropped to just under $99K on Tuesday, its first fall below $100K in over four months. 

  • Crypto market cap is down to around $3.55T from $3.71T over the past week, with Bitcoin almost 20% below its October peak of $126K.

This is mainly a story of ETF outflows.

  • U.S. spot Bitcoin ETFs recorded $1.34B in outflows over four trading days (October 29-November 3), led by BlackRock’s IBIT. 

  • The outflows continued through the week, with Monday seeing $186.5M in outflows and Thursday posting a $578M single-day withdrawal, the largest since August 1. 

ETH also didn’t fare well this week, currently trading at $3,337 after spending most of the week hovering near monthly lows.

  • Ethereum spot ETFs saw $500M in outflows over the same four-day period. 

  • ETH is down 25% from its recent highs, and on-chain data shows persistent negative funding rates. 

There is one bright spot this week - the newly launched Solana spot ETFs recorded $269M in cumulative inflows, including $70.1M on Monday and six consecutive days of positive flows. 

This Week in TradFi

U.S. equities posted significant losses this week -

  • The tech-heavy Nasdaq was on pace for its worst weekly performance since April, down about 4%. 

  • The S&P 500 fell more than 2%, ended a three-week winning streak, and the Dow is down about 1%. 

  • The selloff was mainly concentrated in high-valuation AI infrastructure stocks, with Nvidia down 10% for the week, Oracle down 10%, Palantir down 14%, and Broadcom down 6%. 

On the international front: 

  • European stocks also fell this week, with the STOXX 600 down around 0.7% yesterday, and ending the week in negative territory.

    • Germany’s DAX dropped 1.3%, France’s CAC fell 1.4%, and London’s FTSE 100 dropped 0.4%.

  • The Bank of England held interest rates at 4% yesterday, in a closely contested 5-4 vote.

    • This ends a run of quarterly cuts that had dropped rates five times since last August. 

  • Asian markets were hit hard this week by AI valuation concerns.

    • Japan’s Nikkei 225 dropped 2.5% on Wednesday, and South Korea’s Kospi fell over 2% the same day.

    • China’s October exports dropped 1.1% YoY, missing expectations of 3% growth and a sharp drop from September 8.3% surge. 

  • Gold prices hovered around $4,000/oz this week, pulling back from October’s record high of $4,377 - still up 49% YoY. 

This Week in Tech

Apple and Google are close to a deal to power Siri’s AI overhaul.

  • Apple would pay Google roughly $1B a year for a custom version of Google’s Gemini AI model to power Siri, according to Bloomberg.

  • The custom AI model would include 1.2 trillion parameters, far exceeding Apple’s current models.

    • The current cloud-based version of Apple Intelligence uses 150B parameters. 

  • Apple considered OpenAI and Anthropic, alongside Google. After testing the three, Apple decided to move forward with Google. 

  • According to Bloomberg, the new Siri is expected to launch next spring. 

Tesla shareholders voted yesterday to approve Elon Musk’s $1 trillion pay package. 

  • The stock grant could give Musk up to 423.7M additional shares over the next decade, if he hits certain milestones.

  • The milestones include: growing Tesla’s market cap from $1.4T to $8.5T, delivering 20 million vehicles, putting 1 million robotaxis on the road, and shipping 1 million Optimus humanoid robots. 

  • The deal comes after a Delaware court voided Musk’s 2018 pay package last year - ruling it improperly granted. 

As usual, below are some fundraising announcements, M&A, and tech personnel changes that caught our eye:

Arch is building a next-gen wealth management platform for individuals holding Alternative Assets. Our flagship product is the crypto-backed loan, which allows you to securely and affordably borrow against your crypto.

Disclaimer: None of the above is financial advice, seriously.