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Spot Bitcoin ETF Record $643M Outflows After Binance Hack Fears
Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.
Spot Bitcoin ETFs recorded $643.3 million in net outflows on Friday, marking their largest single-day withdrawal since June 25. Ethereum ETFs also faced selling pressure, recording $155.9 million in outflows during the same session. The withdrawals came amid concerns following the reported Binance hack, triggering a broader risk-reduction move among investors. However, analysts described the outflows as a de-risking event rather than capitulation. The Bitcoin ETF withdrawals represent less than 1% of total assets under management, suggesting that the selling does not yet indicate a broader loss of institutional confidence.
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