Binance Outflows and ETF Selling Weigh In On BTC

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure TL;DR Bitcoin slipped 0.4% to around $77,900 as investors assessed the fallout from Binance’s $6.3 billion hack as binance outflows pressure BTC’s price. Binance reported $3.64 billion in net outflows during the first nine and a half hours after withdrawals resumed. U.S. spot Bitcoin ETFs recorded $643 million in outflows on Friday, adding to pressure on the market. Traders are watching U.S. midterm elections and upcoming employment data for fresh market direction. Bitcoin Faces Renewed Pressure as Binance Reopens Withdrawals Bitcoin traded near $77,900 on Monday as the cryptocurrency market continued to digest the consequences of the $6.3 billion security breach at Binance. The world’s largest crypto exchange has resumed withdrawals in phases, but the return of normal operations has not immediately eliminated investor concerns. According to Binance, customers withdrew about $4.65 billion and deposited about $1.01 billion during the first nine and a half hours after withdrawals reopened on November 1. This left the exchange with $3.64 billion in net outflows, equivalent to approximat...