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On Friday, the total inflows into US spot Bitcoin ETFs finally hit a speedbreaker as the dynamic of the US elections shifted just three days before the results. Kamala Harris seems to be taking the lead in some of the swing states while Donald Trump continues to lead in others. All of the nine BTC ETFs yesterday, saw net outflows of $55 million with the BlackRock Bitcoin ETF (IBIT) seeing zero inflows for the first time in nearly a month. BlackRock Bitcoin ETF Inflows Hit Speedbreaker This week, except Friday, BlackRock’s IBIT led the most inflows contributing nearly around $2.2 billion so far. It has been single-handedly dominating the BTC ETF inflows in the last month of October. However, on Friday, the spot Bitcoin ETF inflows hit a speedbreaker with $54.9 million in outflows. Fidelity reported $25.6 million in outflows, followed by ARK with $24.1 million, per Farside Investors data. On the other hand, the BlackRock Bitcoin ETF registered zero inflows for the first time in the past several trading sessions. This signals a possible pause in the demand after record-breaking contributions. The spot Bitcoin ETFs have seen significant inflows and now hold more than 5% of the total BTC supply, surpassing 1 million Bitcoin holdings. Interestingly, BlackRock’s IBIT alone holds 2% of the total supply. 💥BREAKING: Yesterday the Spot #Bitcoin ETF saw $54.94 MILLION outflow! pic.twitter.com/kUEF6icGf6 — Crypto Rover (@rovercrc) November 2, 2024 Furthermore, Friday’s outflows coincide with a shift in the US election dynamics as Kamala Harris once again gains ground in the swing states.  Thus, investors could be taking a wait-and-watch approach moving ahead. Is Donald Trump Losing Ground? As per the Polymarket data, the odds of Doland Trump victory slipped 4.5 percentage points on Friday, with his overall winning prediction now at 58.1% while Kamala Harris…

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Filed under: News - @ November 2, 2024 9:20 am