Bitcoin ETFs Shed $1.04B in Two Days as Binance Hack and Midterms Spook Traders

US spot Bitcoin exchange-traded funds bled $1.04 billion in net outflows across just two trading sessions, according to Cointelegraph. That's a hefty chunk of cash heading for the exits in a hurry.

Two forces are being blamed: unease over a hack tied to Binance, and jitters ahead of the US midterm elections. Traders don't like uncertainty, and they got a double dose of it at once.

The outflows mark a sharp reversal for a product category that had been pulling in money steadily. When the mood sours, spot Bitcoin ETFs are one of the fastest doors out of the market — and investors clearly used it.

Cointelegraph flagged the $1.04 billion figure in a post on X, framing the pullback as a direct reaction to the Binance incident and the political calendar. Both are the kind of headline risk that sends crypto desks scrambling.

What happens next hinges on how quickly the Binance situation settles and how the midterm results land. Until then, the ETFs' flow line is the number to watch.