Bitcoin ETFs See $643 Million in Outflows After Binance Hack
The outflows followed the biggest hack in crypto history, which forced Binance to temporarily pause deposits and withdrawals. Ethereum funds also saw withdrawals.
Key Takeaways
- U.S. spot Bitcoin ETFs saw $643.33 million in outflows on October 30, the first outflow day after four days of inflows.
- The biggest outflow came from BlackRock’s iShares Bitcoin Trust, with about $234 million, while the funds together still manage $98.14 billion.
- The outflows came alongside a major Binance hack of about $6.36 billion; Ethereum funds also lost $156 million.
On October 30, investors pulled $643.33 million (€576 million) out of U.S. spot Bitcoin ETFs. A day earlier, hackers took about $6.3 billion (€5.6 billion) from Binance. It was the first day of outflows after four straight days of inflows and put the spotlight back on ETFs as a fast route for institutional demand for Bitcoin.
Biggest Outflow at BlackRock
The biggest outflow came from BlackRock’s iShares Bitcoin Trust, the largest in the group, with about $234 million (€209 million). Funds from Fidelity and Ark Invest also saw heavy withdrawals. According to SoSoValue, U.S. spot Bitcoin ETFs still manage $98.14 billion (€87.8 billion) in total. Earlier, outflows at BlackRock’s IBIT already showed how quickly money flows can turn in this market.
During a selloff, large trading firms hand in ETF shares in exchange for Bitcoin or cash. That means the funds give back coins that can later be sold on the market. Friday’s outflows were equal to about 0.7% of the total in the funds.
Binance Hack Adds to the Jitters
The outflows came alongside the biggest hack in crypto history. According to TRM, on October 29 about $6.36 billion was moved out of Binance wallets across 10 blockchains in about 20 minutes. TRM linked the attack to TraderTraitor, a North Korean hacking group. Binance paused deposits and withdrawals and said user funds are safe.
Token issuers and network operators have now frozen about $2.7 billion (€2.4 billion) of the stolen assets, according to TRM. The attack is much bigger than the Bybit hack in February 2025, which had previously been the record. For European readers, this shows how strongly security incidents still ripple through the crypto market, including through regulated products like ETFs.
Ethereum Feels the Aftermath
Bitcoin funds were not the only ones hit. Ethereum funds lost another $156 million (€140 million) on the same day, marking the fifth straight day of outflows. That fits a broader pattern where investors first cut risk after a major incident, without that necessarily turning into a lasting trend.
Bitcoin itself was trading around $77,189 (€69,100) and was down 1.7% over 24 hours. About $11 billion (€9.8 billion) in Bitcoin options also expired on October 30. Together with the ETF outflows, that makes the next few trading days important for seeing whether investors quickly move past the Binance shock or stay cautious for longer.
