Bitcoin ETF Investors Head for the Exits After Record Binance Hack

Following a significant $6.4 billion security breach at the Binance cryptocurrency exchange, Bitcoin Exchange-Traded Funds (ETFs) experienced substantial capital withdrawals. On Friday, the first complete trading session after the hack, Bitcoin ETFs recorded $643.2 million in outflows. This outflow contributed to a total of approximately $516 million in net outflows for Bitcoin ETFs throughout the month of October.