BlackRock Bitcoin ETF Experiences Sixth Day of Outflows Amid US Elections

You May Be Interested In:Scientists discover new way to make fuel from water and sunlight, but more work is needed


  • BlackRock’s iShares Bitcoin Trust, IBIT, saw its sixth day of outflows, with $44.2 million withdrawn on US election day.
  • After the election results began rolling in, Bitcoin surged to a new all-time high of $75,000, with traders viewing it as the “election trade.”
  • Nate Geraci, president of ETF Store, emphasized that while elections may impact market sentiment, the SEC’s leadership is critical to crypto ETF development.

BlackRock Bitcoin ETF Sees Sixth Day of Outflows as Election Day Impact Looms

BlackRock’s spot Bitcoin ETF has now seen six days of net outflows since its launch in January. This means more money has been withdrawn than those added on those days.

On November 5, US election day, institutional investors seemed to play it safe, with the iShares Bitcoin Trust (IBIT) recording $44.2 million in net outflows, according to CoinGlass data

This outflow marked IBIT’s sixth negative flow since its launch in January. The last outflow was on October 10, when $10.8 million exited the fund.

Altogether, US spot Bitcoin ETFs saw 116.8 million in net outflows. The largest outflow was from the Fidelity Wise Origin Bitcoin Fund, which saw $68.2 million taken out. The only fund with new inflow for the day was the Bitwise Bitcoin ETF, which had $19.3 million added to it.

This marked the third consecutive day of net outflows for the US spot Bitcoin ETFs. The previous day, November 4, the 11 Bitcoin funds had their second-biggest outflow ever, with over $541.1 million withdrawn.

After the US trading day ended, the spot crypto markets saw a big surge. This happened as election results started coming in, with Bitcoin price reaching a new all-time high of $75,000.

Henrik Anderson, the chief investment officer at Apollo Crypto, explained that Bitcoin has become a key focus for traders worldwide. He called it the “election trade,” meaning that many investors are now looking to Bitcoin during the election period, hoping for gains.

He looked at betting markets and traditional sources to estimate the chances of Donald Trump winning. Based on this information, Henrik figured there was an 80% to 90% chance that Trump would win.

Henrik also said that Bitcoin seems to be following this trend. Bitcoin is already above $74,000, and he believes it may have already made most of its price move for now.

If Trump wins, he predicts that Bitcoin could reach $100,000 by the end of the year. This is based on the idea that Trump’s victory would continue to boost Bitcoin’s price.

SEC’s Leadership is The Key to Crypto ETF Innovation, Not Elections, Says Nate Geraci

In a blog post, Nate Geraci, the president of ETF Store, shared his thoughts on how elections affect investments. He said that people often exaggerate how much elections impact the market.

He pointed out that the Securities and Exchange Commission (SEC) leadership plays a much more significant role. The SEC is responsible for making investment rules and regulations, which often impact market sentiment.

Geraci believes that the regulatory environment, especially those who lead the SEC, can significantly affect ETFs’ development and innovation. The SEC’s decision can either help or slow down new ideas in the ETF market.

He also mentioned that no one knows what will happen with the situation. There are many unknowns, and it’s hard to predict the exact outcome.

However, Geraci believes the best long-term solution would be to create a clear and balanced set of rules for crypto. This would require cooperation between the two major political parties to develop a framework that works for everyone. 

Still, he thinks it’s very likely that the results of this election will impact how quickly new crypto ETFs are developed.

Add Techreport to Your Google News Feed

Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now!

Subscribe now

Rida Fatima

Rida is a dedicated crypto journalist with a passion for the latest developments in the cryptocurrency world. With a keen eye for detail and a commitment to thorough research, she delivers timely and insightful news articles that keep her readers informed about the rapidly evolving digital economy.

View all articles by Rida Fatima

The Tech Report editorial policy is centered on providing helpful, accurate content that offers real value to our readers. We only work with experienced writers who have specific knowledge in the topics they cover, including latest developments in technology, online privacy, cryptocurrencies, software, and more. Our editorial policy ensures that each topic is researched and curated by our in-house editors. We maintain rigorous journalistic standards, and every article is 100% written by real authors.

share Paylaş facebook pinterest whatsapp x print

Similar Content

XRP ETP Issuer Hits $140 Million AUM Milestone With 21Shares' AXRP Fund
XRP ETP Issuer Hits $140 Million AUM Milestone With 21Shares’ AXRP Fund
One in five PCs shipped in Q3 were AI-enabled, but that
One in five PCs shipped in Q3 were AI-enabled, but that’s not why people are buying them
Efficiently Creating DDoS-Resistant Infrastructure
Efficiently Creating DDoS-Resistant Infrastructure
Amazon Might Soon Launch Smart Glasses for Its Delivery Agents
Amazon Might Soon Launch Smart Glasses for Its Delivery Agents
Sony reveals lineup of 50+ enhanced PlayStation 5 Pro games at launch
Sony reveals lineup of 50+ enhanced PlayStation 5 Pro games at launch
Elon Musk adds Microsoft to lawsuit against ChatGPT-maker OpenAI
Elon Musk adds Microsoft to lawsuit against ChatGPT-maker OpenAI
Flash News Hub | © 2024 | News