UPDATE: Bitcoin ETF outflows hit $643.2 million after Binance hack
CIE News ·
Update to UPDATE: Bitcoin and Ethereum ETFs shed hundreds of millions on Oct. 30
Based on reporting by Decrypt; not yet independently confirmed.
U.S. spot Bitcoin ETFs saw $643.2 million in Friday exits following the $6.4 billion Binance hack, erasing a four-day inflow run and bringing October net outflows to $516 million.
U.S. spot Bitcoin (BTC) ETFs recorded $643.2 million in net outflows on October 31 following a $6.4 billion hack of cryptocurrency exchange Binance, Decrypt reported. As previously reported, U.S. spot Bitcoin and Ethereum ETFs registered net redemptions as investors moved to risk-off positions during Friday's trading session.
The single-day redemptions halted a four-day, $441 million run of inflows and pushed overall net outflows for October to approximately $516 million. According to Decrypt, cumulative net inflows into spot Bitcoin funds since their January 2024 debut dropped to $57.4 billion, while total net assets stood at $103.2 billion.
Binance stated that it will cover all losses resulting from the incident using its emergency reserve and corporate funds. Concurrently, stablecoin issuers Tether and Circle froze more than $2.3 billion in assets tied to the stolen funds.
Key facts
- $643.2M Friday Bitcoin ETF outflows
- $516M net outflows in October
- $6.4B Binance hack
- $57.4B cumulative inflows