Bitcoin and Ethereum ETFs See Record Outflows Ahead of US Election
Bitcoin BTC/USD and Ethereum ETH/USD spot exchange-traded funds (ETFs) experienced substantial net outflows on Nov. 4, with the former seeing a record
Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) exchange-traded funds experienced substantial net outflows on Friday evening.
Among Bitcoin ETFs, BlackRock's (NYSE:BLK) iShares Bitcoin Trust (NYSE:IBIT) saw a glimmer of positivity with inflows of $38.4 million on Friday.
However, other funds saw significant outflows, including Fidelity's (NYSE:FIS) FBTC, which experienced an outflow of $169.6 million, and Ark Invest's (NYSE:ARKK) ARKB, with outflows reaching $138.2 million.
Overall, Bitcoin ETFs experienced a record outflow of $541 million on Friday, marking the second-highest single-day outflow in history.
The only higher single-day outflow was recorded on May 2, when $563 million exited Bitcoin ETFs.
Among Ethereum ETFs, BlackRock's ETHA experienced the only significant inflow, adding $11 million on Friday.
However, the Grayscale Ethereum Trust (NYSE:ETHE) and Fidelity's (NYSE:FIS) FETH reported outflows of $10.8 million and $31.5 million, respectively.
Market observers suggest that these movements reflect heightened investor caution as the U.S. presidential election nears, with polls indicating a tight race between candidates.
A potential victory for Kamala Harris could reverse these trends, sparking sharp swings in crypto markets.
According to QCP Capital, the crypto market anticipates a 3.5% movement in Bitcoin's spot price on election night.
However, the current low volatility premium beyond Nov. 8 suggests that traders might be underestimating potential post-election turbulence, especially if the results are contested or delayed.
A Republican sweep of Congress could indicate higher fiscal deficits, which may prompt a more hawkish stance from the Federal Reserve, impacting risk assets.
On the other hand, a divided Congress may lead to more tempered market reactions and potentially lower volatility.
As the election unfolds, industry participants and crypto enthusiasts will gather at Benzinga's Future of Digital Assets event on Nov. 19 to discuss the broader impact of these developments on the crypto market and strategies for navigating the evolving regulatory and financial landscape.
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