Spot exchange-traded funds (ETFs) from BlackRock tied to bitcoin and ether recorded a combined net outflow of $548.2 million on Monday, 2 November, according to analytics platform CoinGlass.
The bulk of the outflow came from iShares Bitcoin Trust (IBIT) — investors withdrew $405.3 million from it. Investors pulled $138.3 million from iShares Ethereum Trust (ETHA) and $4.6 million from iShares Staked Ethereum Trust (ETHB).
Net outflows from cryptocurrency ETFs have been observed for a third consecutive day. Over seven days bitcoin ETFs lost $739.2 million, while ETFs tracking ether lost about $566.7 million.
The capital flight comes against the backdrop of a successful attack on crypto projects, the largest of which was the hack of crypto exchange Binance estimated at $6.3 billion. After withdrawals were restored, clients withdrew about $4.65 billion in nine and a half hours, while the exchange’s deposits stood at $1.01 billion.
The Federal Bureau of Investigation (FBI) attributed the attack to North Korean hackers, while North Korean authorities blamed the United States for the attack.
In October BlackRock filed for the launch of iShares Bitcoin Managed Protect ETF (PBIT), which, unlike other spot bitcoin ETFs, promises to limit investors’ losses when bitcoin’s price falls and to impose a cap on returns.
