BlackRock and Fidelity funds drive $643M bitcoin ETF outflow after Binance hack

On Oct. 30, the largest single-day outflow from US spot bitcoin ETFs since June 25 was $643.3 million, led by BlackRock’s IBIT and Fidelity’s FBTC. The departures follow a $6.3 billion hack at Binance a day earlier. Laevitas puts the outflow at under 1% of fund assets IBIT lost $233.7 million and FBTC about $201 million. The two funds combined accounted for about two-thirds of the day’s net withdrawals. The ARKB of Ark and 21Shares relinquished $129.55 million. Grayscale’s GBTC lost $53.3 million and Bitwise’s BITB lost $25.7 million. Funds now retain $98.14 billion net assets. For the week ended Oct. 30, outflows totaled $202.6 million. Last week, Cryptopolitan reported that a rebound in late October pared the month’s net outflows to about $26 million.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Cryptopolitan.