Bitcoin ETF Outflows Hit a Record $580 Million as Investors React to U.S. Election Uncertainty

Grayscale and Bitwise ETFs faced heavy losses, while BlackRock's ETF gained $26 million in inflows. Ethereum ETFs lost $63 million, reflecting a broader bearish sentiment in the crypto market.

Record-breaking outflows from Bitcoin ETFs were observed on Monday, with a staggering $580 million being withdrawn from these funds. This marks the highest single-day outflow ever recorded for Bitcoin ETFs in the United States.

The outflows come amid a broader bearish market sentiment, with investors reacting to the approaching U.S. presidential election and its potential implications for the crypto market.

The outflows were also seen in Ethereum ETFs, with these funds losing around $63 million. Grayscale Ethereum Mini Trust ETF (ETH) and Fidelity Ethereum Fund (FETH) led these outflows with $31.94 million and $31.5 million, respectively.

Over the past 24 hours, Ethereum slid to just above $2,400, indicating a 1.6% decrease.

These outflows from Bitcoin and Ethereum ETFs, coinciding with the U.S. election, highlight investors' shifting strategies in response to the changing market landscape.

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