Bitcoin ETFs Streak Four Inflow Days Into the Binance Hack
By Damilola Esebame
AI summary of the source article
US spot Bitcoin ETFs recorded a fourth consecutive day of net inflows on October 29, drawing $17.07 million. Orders were settled before news broke of an estimated $6.3 billion security breach at cryptocurrency exchange Binance.
Why it matters
"A sharp reversal in flows would signal that institutional investors still view exchange risk and Bitcoin risk as fundamentally linked. Continued inflows would support the opposite reading: that the ETF wrapper provides the insulation from exchange counterparty risk that its proponents have long argued."
Key facts
- US spot Bitcoin ETFs saw $17.07 million in net inflows on October 29, led by BlackRock's IBIT with $12.8 million.
- ETF orders closed before Binance suffered an estimated $6.3 billion security breach across ten blockchains.
- US spot Ether ETFs recorded $81.44 million in net outflows on October 29, led by Fidelity's FETH.
Source excerpt · FinanceFeeds
United States (US) spot Bitcoin exchange-traded funds (ETFs) closed October 29 on a fourth consecutive session of net inflows, pulling in $17.07 million just hours before news of a $6.3 billion security breach at Binance broke across crypto markets. Those inflows reflect orders placed and settled during regular US trading hours, well before the Binance breach began. The real test for institutional…