In the past 24 hours, the broader cryptocurrency market has seen some uptick, with Bitcoin reaching its all-time high. Despite bullishness in the market due to the hype of the United States presidential elections, the BTC spot ETF category saw a steadiness and an outflow in millions.
According to data from Coinank, the Bitcoin spot ETF by BlackRock (IBIT) saw a negative net inflow of $44.20 million as of November 05, 2024. The list is joined by FBTC which saw a net inflow of negative $68.20 million and ARKB mirrored a net inflow of negative $12.50 million.
The finance experts argue that a sudden surge in outflow can be termed as some investors might have been shifting their funds to other Bitcoin-related products rather than considering BTC spot ETF as first preference.
The available data shows that the recently recorded outflow in IBIT is the sixth outflow since it launched, other than that it has majorly seen a positive inflow adding millions and even billions in a day.
It is worth noting that, BITB became the only Bitcoin ETF that saw a positive inflow on November 05, 2024, adding $19.03 million in fresh funds.
Coinank’s additionally notes that marks the third consecutive trading day of outflows for U.S. spot Bitcoin ETFs. This comes just a day after the 11 funds experienced their second-largest outflow, totaling over $541.1 million.
Cryptocurrency exchange-traded funds (ETFs) track the price movements of crypto by investing in a portfolio of assets related to these digital currencies.
U.S. Election Impacting Bitcoin and Other Cryptos!
It is worth noting the hype of the presidential elections in the United States has majorly affected the prices and trading volume. Bitcoin, one of the most prominent cryptocurrencies, has reached a new milestone as it registered its all-time high of $75,361.09 on November 06, 2024.
Before crossing $75k the highest recorded price of Bitcoin was below $74k, the unprecedented spike in the price in the past 24 hours has been seen due to the polling for the elections that occurred earlier yesterday.
Donald Trump is actively reaching out to the crypto community, positioning himself as the first pro-crypto leader. Although he previously criticized the industry as a “scam,” the former president now promises to create a Bitcoin reserve and relax regulatory constraints.
On the other hand, Kamala Harris, the strongest contender, has been actively engaged with the leader of crypto space. As per claims she allegedly gathered hundreds of millions of dollars in donations from crypto-based companies.
Till the pooling and ballot seizing both Trump’s and Harris’s rallies and political campaigns have impacted Bitcoin, Ethereum, and Dogecoin including other cryptocurrencies.
There is speculation that the victory of Trump might suddenly pump the crypto market to new heights, but at the same, it is also claimed a sudden decline in the market is expected soon after the announcement of the president of the United States.
