Bitcoin ETFs sink into October outflows with $643M exit after Binance hack

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.BlackRock’s iShares Bitcoin Trust (IBIT) led Friday’s outflows with $234 million, followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC) with $201 million, according to Farside Investors data.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.Hardware wallet maker OneKey’s founder and CEO, Yishi, warned on X Friday that IBIT could face similar security threats because it relies heavily on Coinbase to hold its Bitcoin.Investors also withdrew a net $156 million from US spot Ether (ETH) ETFs on Friday, bringing October’s net outflow...