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BlackRock’s spot Bitcoin ETF saw notable outflows on November 5 as investors moved cautiously in response to the U.S. election. With a net outflow of $44.2 million from BlackRock’s IBIT, the total withdrawals across all 11 U.S. spot Bitcoin ETFs reached $116.8 million, as per the data by CoinGlass.
This marked the sixth day of net outflows since the ETF launched in January, and it followed an earlier substantial outflow of $541.1 million across Bitcoin ETFs, one of the largest since May.
Notably, while the iShares Bitcoin Trust saw heavy outflows, the Bitwise Bitcoin ETF was the only fund to record inflows on the day, with $19.3 million added to its holdings. The day’s largest outflow came from Fidelity’s Wise Origin Bitcoin Fund, which shed $68.2 million. The continued outflows across spot Bitcoin ETFs reflect a broader risk-averse sentiment among institutional investors amid election uncertainty.
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Bitcoin Rallies as Election Results Roll In
Despite the ETF outflows, Bitcoin price surged past $75,000, marking an all-time high as election results began to take shape. Henrik Andersson, chief investment officer at Apollo Crypto, remarked that Bitcoin has become a favored “election trade” among global traders.
According to Andersson, markets see an 80-90% probability of Donald Trump’s victory, influenced by betting markets and traditional polling data. In his view, Bitcoin’s recent gains may already reflect 80% of the expected price movement, suggesting that Bitcoin could reach $100,000 by year-end if Trump wins the election.
While election-driven momentum has been a powerful force, analysts caution against overestimating its long-term market impact. ETF Store president Nate Geraci noted that elections often have less effect on investment performance than anticipated, though the influence of regulatory shifts on crypto ETF innovation remains significant.
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Geraci added that bipartisan crypto regulation would provide more stability, emphasizing that the election’s outcome may shape the pace of crypto ETF development in the near term.
Will Regulatory Clarity Spark Further ETF Growth?
As traders assess the impact of election dynamics, regulatory policy continues to be a critical factor for crypto ETFs. With ongoing debates over a comprehensive crypto framework, the path forward remains unclear.
Investors and analysts alike are watching for how the election’s outcome might influence the SEC and future innovations in ETF products. For now, Bitcoin’s performance in the election spotlight continues to underscore the cryptocurrency’s appeal as a hedge in times of macroeconomic and political uncertainty.
