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

Bitcoin ETFs saw $643M October outflows following the Binance hack.

Context
What happened: US spot Bitcoin ETFs drew $643 million in withdrawals on Friday, pushing October net flows to $515 million in outflows, the first negative month since June. Why it matters: The withdrawals followed Bitcoin's drop to $77,000 and Binance's confirmation that hackers stole about $6.3 billion in crypto assets. OneKey's CEO warned on X that IBIT could face similar security threats because it relies heavily on Coinbase to hold its Bitcoin. Coverage: 7 outlets in 24h
What changed
US spot Bitcoin ETFs drew $643 million in withdrawals on Friday, pushing October net flows to $515 million in outflows, the first negative month since June.
Why it matters
The withdrawals followed Bitcoin's drop to $77,000 and Binance's confirmation that hackers stole about $6.3 billion in crypto assets. OneKey's CEO warned on X that IBIT could face similar security threats because it relies heavily on Coinbase to hold its Bitcoin.
Sources
cointelegraph
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