Bitcoin ETFs sink into October outflows with $643M exit after Binance hack
US spot Bitcoin ETFs ended October with $515 million in net withdrawals, while Ether funds posted a record $1.61 billion in monthly outflows.
US spot Bitcoin ETFs ended October with $515 million in net withdrawals, while Ether funds posted a record $1.61 billion in monthly outflows.
Investors pulled $643 million from US-listed spot Bitcoin exchange-traded funds (ETFs) on Friday, pushing October’s net flows into negative territory as crypto markets faced volatility following Binance’s $6.3 billion hack.
Friday’s withdrawals snapped four consecutive days of inflows, leaving the funds with $515 million in net outflows for October, their first negative month since June, according to SoSoValue. The funds still attracted approximately $361 million in net inflows for the year through October.
The withdrawals followed Bitcoin’s drop to $77,000 on Thursday. Binance, the world’s largest crypto exchange by trading volume, confirmed Friday that hackers had stolen about $6.3 billion in crypto assets.