Bitcoin ETF Investors Head for the Exits After Record Binance Hack

Bitcoin exchange-traded funds, or ETFs, recorded $643.2 million in outflows on Friday. The withdrawals came in the first complete trading day after a $6.4 billion hack at Binance. ETFs are investment funds that trade on exchanges; the Bitcoin versions are tied to the cryptocurrency. By the close of October, net outflows for the funds totaled about $516 million, reflecting money that left the Bitcoin ETF category on a net basis during that period.