BlackRock’s spot Bitcoin exchange-traded fund (ETF) saw its sixth day of net outflows since launching in January, as institutional investors turned cautious on U.S. election day.
According to CoinGlass, BlackRock’s iShares Bitcoin Trust recorded an outflow of $44.2 million on Nov. 5. This marked the ETF’s first net outflow since Oct. 10, when $10.8 million exited the fund. Across all 11 U.S. spot Bitcoin ETFs, net outflows reached $116.8 million, with Fidelity Wise Origin Bitcoin Fund leading the trend with a $68.2 million outflow. Bitwise Bitcoin ETF was the only fund to record an inflow, bringing in $19.3 million.
It was also the third consecutive day of outflows for U.S. spot Bitcoin ETFs, following a record-breaking $541.1 million outflow the previous day. Spot crypto markets saw a surge after the U.S. trading day as election results emerged, pushing Bitcoin to an all-time high of $75,000.
Apollo Crypto’s Chief Investment Officer, Henrik Andersson, explained to Cointelegraph that Bitcoin is “currently the election trade for traders globally.” By analyzing betting markets and traditional data sources, Andersson estimated an 80-90% probability of a Trump victory. He suggested that “Bitcoin might, in the short term, have done 80% of the move already where it is now at above 74,000” and projected a potential rise to $100,000 by year-end if Trump wins.
ETF Store president Nate Geraci commented in a Nov. 5 blog post that while the election’s impact on investments is often overstated, changes in regulatory leadership, especially within the SEC, could influence ETF innovation significantly. He noted, “Nobody knows for sure how this all might play out–and the best longer-term solution is the implementation of a bipartisan, comprehensive crypto framework–but it seems highly likely this election will affect the speed of crypto ETF innovation one way or another.”