The post What Happened With Bitcoin, Ethereum ETFs on Last Trading Day Before US Elections? appeared on BitcoinEthereumNews.com.

November 5 is finally here, and all eyes are on the United States as the country elects its next president – whether it will continue with its Democratic views as it did during the past four years or it will go back to the previous cycle when Republican candidate Donald Trump was in charge. As such, it’s interesting to examine how local investors behaved during the last full trading day before the elections, at least in terms of regulated spot cryptocurrency exchange-traded funds. BTC ETF Streak Broken CryptoPotato reported over the weekend the highly beneficial and positive streak the spot Bitcoin ETFs had been on since October 10. The previous week was particularly promising. It turned out to be the best in terms of net inflows since mid-March, with more than $2.2 billion entering the funds. However, it ended with minor outflows of $54.9 million, which was the first warning sign of what was to come on Monday. Data from Farside reveals that investors changed their strategy on November 4 by pulling out $541.1 million. This is the most net outflows the 11 spot BTC ETFs have seen since May 1, when the number stood at $563.7 million. Almost all of the funds were in the red, led by Fidelity’s FBTC (-$169.6 million) and Ark Invest’s ARKB (-$138.3 million). The silver lining was once again BlackRock’s IBIT, which was the sole beneficiary of $38.4 million in net inflows. As a result, BTC’s price tumbled from over $69,000 to a weekly low of $66,800. Despite recovering nearly two grand since then, bitcoin is still $5,000 lower than it was this time last week when it almost broke its March ATH. More volatility is expected today and tomorrow when the results of the US elections are revealed. ETH ETFs Follow Suit The…

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Filed under: News - @ November 5, 2024 6:27 am