Investors have withdrawn over $1 billion from US-listed Bitcoin funds in just two trading sessions, as market sentiment remains weak due to the recent Binance hack and uncertainty surrounding the US midterm elections.
The outflows totaled $1.04 billion across Friday and Monday, according to data compiled by Bloomberg. The largest single withdrawal came from BlackRock’s iShares Bitcoin Trust, which saw $405 million in net outflows on Monday alone.
The record hack of Binance, one of the world’s largest cryptocurrency exchanges, has added to the broader market anxiety. Meanwhile, the upcoming US midterm elections are introducing additional uncertainty, as investors await potential regulatory shifts that could impact the crypto space.