US-based Bitcoin ETFs experienced their second-largest day of outflows ever, as investors withdrew a substantial $541.1 million on Monday, just a day ahead of a highly anticipated election. Among the 11 spot Bitcoin ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) stood out as the only fund to record inflows, adding $38.4 million, according to CoinGlass.
It was one of the largest outflow days for ETFs since May. 1, when they saw $563.7 million pulled out after Bitcoin dropped 10.7% over the week, landing at $60,000. Ahead of the U.S. election on Tuesday, Nov. 5, Bitcoin traders have been reducing their positions. Over the past week, Bitcoin has fallen 4.6%, including a 1.7% drop in the last 24 hours, bringing it to around $68,000.
On Nov. 4, the Fidelity Wise Origin Bitcoin Fund led outflows, losing $169.6 million. The ARK 21Shares Bitcoin ETF followed closely with $138.3 million withdrawn. Grayscale’s two Bitcoin funds saw a combined $153.2 million in outflows.
Bitcoin funds face outflows before election
The Grayscale Bitcoin Trust (GBTC), which has had only a few positive inflow days this year, experienced $63.7 million in outflows. Meanwhile, its smaller counterpart, the mini GBTC, recorded $89.5 million in outflows, making them the fifth and third largest outflows of the day, respectively.
In the week ending Nov. 1, U.S. Bitcoin funds saw a net influx of $2.2 billion, although nearly $55 million flowed out on the last trading day. Meanwhile, the latest polls show a close race between Kamala Harris and Donald Trump, with Harris holding a narrow 1.2-point lead, based on FiveThirtyEight data as of Nov. 4. Trump’s chances of winning the presidency took a hit on the crypto betting platform Polymarket.
After peaking at 67% on Oct. 30, his odds dropped to 53.8% by Nov. 3, settling at just over 59%. Many in the crypto industry are backing Trump because he supports digital assets, and some traders believe his return to the White House could even push Bitcoin’s price to $100,000.
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