Investors have withdrawn over $1 billion from US-listed Bitcoin funds in just two trading sessions, as market sentiment remains weak due to the recent Binance hack and uncertainty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 outflows on Monday alone.
The record hack of Binance, one of the world’s largest cryptocurrency exchanges, has added to the nervousness in the market. Meanwhile, the upcoming US midterm elections are creating additional uncertainty, as investors await potential regulatory changes that could impact the crypto space.