- BlackRock’s iShares Bitcoin Trust ETF (IBIT) is the only one to witness an inflow of about $38.4 million.
- Bitcoin is very sensitive to the US elections in the current scenario.
- The crypto industry still wants Donald Trump to win as he has so far declared a crypto-friendly leader. Many market members have anticipated that Bitcoin can surpass $100,000 after the victory of Trump.
An outstanding milestone has been achieved by recording the second-biggest day of outflows by U.S. Bitcoin ETFs. The event was highly influenced by the tension arising amid the country’s election.
On November 4, one day before the U.S. election, 11 spot Bitcoin ETFs recorded an outflow of about $541.1 million. On May 1, 2024, about $563.7 million in outflow was recorded following the slipping of Bitcoin to around 10.7% in the past week and standing at about $60,000 and after that, no day has witnessed this kind of outflow as registered yesterday.
Bitcoin- the sensitive cryptocurrency
Now, moving back to the current scenario, the investors of Bitcoin are busy finding other ways of investing. As of today, November 5, a fall of around 1.7% in the last day and 4.6% in the past week has been recorded. At the press time, Bitcoin is trading at $68,623.
Another big outflow of $169.6 million and $138.3 million on November 4 was recorded by the Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) respectively. The Grayscale Bitcoin Trust (GBTC) has witnessed a significant inflow throughout this year, but yesterday, unfortunately, it witnessed its fifth inflow of this year of about $63.7 million.
At the same time, the mini GBTC also recorded its third-largest outflow for the day standing at about $89.5 million.
The only inflow
Talking about the inflow, BlackRock’s iShares Bitcoin Trust ETF (IBIT) is the only one to witness an inflow of about $38.4 million, as reported by a crypto data analysis platform, CoinAnk. On November 1, around $2.2 billion net flow into the US Bitcoin funds was also recorded.
The head of research at a capital market company, CoinShares, has commented that the inflows recorded in the majority of the week are the influence of excitement revolving around the anticipation of the victory of a Republican.
He further went on to say that Bitcoin is very sensitive to the US elections in the current scenario after the polls suggested that a minor outflow was recorded on November 1. Eyes are on both candidates and the polls say that Harris takes the lead by 1.2% points as of yesterday, reported by FiveThirtyEight data.
Polymarket has also listed the victory of Trump slipping to 53.8% on November 3 which was around 67% on October 30. As of now, it is only 59%. The crypto industry still wants Donald Trump to win as he has so far declared a crypto-friendly leader. Many market members have anticipated that Bitcoin can surpass $100,000 after the victory of Trump.
