US Bitcoin ETFs See Record October Outflows After Binance Hack

U.S. spot Bitcoin ETFs shed $643.2 million on Friday, marking their biggest single-day outflow of October. This selling occurred in the first session after the $6.4 billion Binance hack. The outflows erased a four-day inflow run of $441 million, leaving the funds down about $202 million for the week. Cumulative net inflows for these ETFs since launch slipped to $57.4 billion.

Ethereum ETFs extended a five-day outflow streak to about $431 million, while Solana ETFs lost about $72 million over the week. Bitcoin fell about 4% on Friday before steadying near $77,520 on Saturday. The price was up 0.5% over 24 hours but down 3.3% on the week.

Attackers began draining roughly $6.4 billion from Binance at 4:05 p.m. ET on Thursday. Binance has pledged to cover all losses with company funds and an emergency reserve. Tether and Circle froze more than $2.3 billion in stolen stablecoins. The Federal Reserve held rates at 3.75% to 4% on Wednesday.