Exchange-traded funds (ETFs) that track the spot price of Bitcoin (BTC) experienced cumulative net outflows of $643 million U.S. on Oct. 30 following news of a massive theft at Binance.
The funds saw their biggest single-day exodus since June 25 of this year when investors pulled $696.3 million U.S. from the ETFs, according to data from SoSoValue.
The ETFs are investment funds that hold Bitcoin and list tradable units of it on an exchange, allowing investors to gain exposure to the cryptocurrency’s price movements without having to own the digital asset themselves.
The massive outflow on Oct. 30 came after it was revealed that Binance, the largest cryptocurrency exchange in the world, had $6.3 billion U.S. stolen from its platform.
North Korean hackers are being blamed for the theft, which has shaken confidence in Binance and the security of cryptocurrencies that are held in digital wallets and on central exchanges.
Binance had temporarily paused withdrawals from its exchange for several days while it assessed the damage from the hack of its trading platform.
The company allowed investors to resume withdrawals on Nov. 1 and saw investors immediately withdraw $3.64 billion U.S. from the crypto exchange.
Institutional investors such as hedge funds and pensions are said to be particularly worried about the hack at Binance and moving to pull money from crypto investments.
Binance is a privately held company and its stock doesn’t trade on a public exchange.
Bitcoin is trading at $77,500 U.S. on Nov. 2.
