U.S. spot bitcoin ETFs recorded $643.3 million in net outflows on October 30, according to figures reported on November 2. The total was significantly higher than the initial estimate of $409.5 million. BlackRock’s IBIT and Fidelity’s FBTC, along with Ark Invest, led the withdrawals. The scale of the outflows was linked to a $6.3 billion security breach at Binance.
The funds recorded their largest daily outflow since June, while Binance said the impact of the breach of its hot wallets was nearly $6.3 billion and raised its estimate of coverage for affected assets to 90%.
Read the full storyThe outflows came in the first session after the Binance hack, cutting the funds’ year-to-date net inflows by 63.6% while leaving them slightly positive.
The daily outflow coincided with lower Bitcoin closes and withdrawals from Ether funds, while Binance said coverage of affected assets had risen to 95%.
The sell-off erased 63.6% of net inflows since the start of the year, coinciding with a security incident at Binance without proof that it was the direct cause.
Outflows concentrated in IBIT, FBTC and ARKB funds, while extending to ether funds amid turmoil following a security incident whose impact Binance said was estimated at billions of dollars.