BlackRock’s Spot Bitcoin exchange-traded fund (ETF) has recorded its sixth day of net outflows since its inception in January.
Institutional investors appear to have gone risk-off on US election day, as $44.2 million was leaked from the iShares Bitcoin Trust (IBIT) on November 5th. According to Go to the coin glass.
But it was only the sixth day in its short history that the ETF had net outflows, and the first since October 10, when $10.8 million left the fund.
Overall, the 11 U.S. Spot Bitcoin ETFs recorded net outflows of $116.8 million, led by $68.2 million outflows from the Fidelity Wise Origin Bitcoin Fund (FBTC).
The only inflow of the day was to the Bitwise Bitcoin ETF (BITB), with $19.3 million flowing into the fund.
BlackRock IBIT ETF Flow. sauce: coin glass
It was also the third consecutive trading day that U.S. spot Bitcoin ETFs saw outflows, and the day after 11 funds recorded the second-highest outflows with more than $541.1 million.
The spot cryptocurrency market soared after the US trading day amidst a series of US election results, with Bitcoin (BTC) hitting a new all-time high of $75,000.
“Bitcoin is now an electoral trade for traders around the world,” Henrik Andersson, chief investment officer at Apollo Crypto, told Cointelegraph.
He estimated the probability of Donald Trump's victory at 80% to 90% by analyzing betting markets and traditional sources.
“We think Bitcoin reflects this, and may already have achieved 80% of the 74,000+ price move in the short term.”
He predicted that if Trump wins, Bitcoin will reach $100,000 by the end of the year.
Related: “FOMO Confirmed” — BlackRock Bitcoin ETF Posts Biggest Trading Day in 6 Months
Nate Geraci, president of ETF Store, said in a Nov. 5 blog post that the overall impact of elections on investing is often exaggerated. However, the regulatory environment, particularly the SEC's leadership, can have a significant impact on ETF innovation, he said. added.
“No one knows how this will play out, and the best long-term solution is the introduction of a bipartisan, comprehensive crypto framework. The potential for this to impact the pace of innovation in ETFs is very high.”
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