Binance Outflows and ETF Selling Weigh In On BTC
Summary
Bitcoin traded near $77,900 amid concerns following a reported $6.3 billion Binance security breach. In the first nine and a half hours after withdrawals resumed, customers withdrew $4.65 billion and deposited $1.01 billion, leaving $3.64 billion in net outflows, about 2.1% of Binance’s reported assets. Binance said it had replenished about 95% of the stolen assets and that withdrawals were stabilising. U.S. spot Bitcoin ETFs also saw $643 million in outflows on Friday, while increased derivatives activity and liquidations reflected a cautious market. Traders are watching U.S. midterm elections and employment data for possible market catalysts.
