Spot Bitcoin ETFs record $643 million outflows after Binance hack

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US spot Bitcoin exchange-traded funds (ETFs) recorded $643.3 million in net outflows on Friday, their largest single-day withdrawal in four months, following the $6.3 billion security breach at Binance. The funds lost $202.6 million over the week ending 30 October, according to SoSoValue data.

Spot Ether ETFs also saw heavy withdrawals, with $155.9 million leaving the funds on Friday, their largest daily outflow since 7 October. Weekly outflows reached $431.5 million.

The withdrawals followed the record Binance hack, which analysts attributed to North Korean hackers. The exchange also reported $3.64 billion in net outflows during the first nine and a half hours after it began restoring withdrawals on Sunday. Bitcoin and Ether recovered around 1% over the following 24 hours, trading at $78,491 and $2,296, respectively, as of Sunday evening.