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    BlackRock Bitcoin ETF sees sixth day of decline on US Election Day as Bitcoin surges to all-time high

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    The BlackRock Bitcoin ETF experienced its sixth day of decline on the US Election day, recording an outflow of about $44.2 million. This was the first net outflow since October 10. All US-based Bitcoin ETFs cumulatively reported net outflows of $116.8 million. However, the Bitwise Bitcoin ETF gained $19.3 million, the only inflow on the day. Despite this, Bitcoin value surged to an all-time high of $75,000 after the election results came in. Experts speculate that the election may affect the pace of crypto ETF innovation.

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    BlackRock’s Bitcoin ETF has seen a dip for the sixth day since it started in January. This drop happened to fall on the US Election day, which saw about $44.2 million roll out from the iShares Bitcoin Trust, according to CoinGlass.

    Despite this, it’s only the sixth day in its history that the ETF has recorded a net outflow and the first since Oct. 10, when it lost around $10.8 million. All in all, the 11 US-based Bitcoin ETFs experienced net outflows of $116.8 million, with the Fidelity Wise Origin Bitcoin Fund losing the most at $68.2 million.

    Bucking the trend, the Bitwise Bitcoin ETF managed to pull in $19.3 million, recording the only inflow on the day. This happened amidst three consecutive trading days of outflows for US Bitcoin ETFs and comes after the 11 funds recorded their second-highest day of outflows at over $541.1 million.

    Despite this, the spot crypto market perked up after the US trading day as the election results rolled in. Bitcoin reached a peak of $75,000, a new all-time high.

    Henrik Andersson, Chief Investment Officer at Apollo Crypto, said that Bitcoin was the go-to for traders worldwide during the election and predicted an 80% to 90% chance of Trump winning. He went on to say that if Trump wins, the value of Bitcoin could reach a whopping $100,000 by the end of the year.

    Nate Geraci, President of ETF Store, commented in a blog post that the overall impact of elections on investments is often exaggerated. He did acknowledge, however, that the regulatory environment, especially the SEC leadership, could significantly affect ETF innovation. He shared no one knows for certain how it’ll all play out, but the election will affect the speed of crypto ETF innovation, positively or otherwise.

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