Close Menu
    Bitcoin

    US Bitcoin ETFs face second-largest sell-off ahead of election with slight gain for BlackRock’s iShares

    By No Comments3 Mins Read
    HI, What is a Bitcoin node, A beginner's guide on blockchain nodes, B-man, technology, node, ETF, Bitcoin ETF, red market

    30s Summary

    U.S. Bitcoin exchange-traded funds (ETFs) saw their second-largest sell-off ever, losing a net $541.1 million, just before the U.S. election. Only BlackRock’s iShares Bitcoin Trust ETF (IBIT) made a gain of $38.4 million. The highest sell-off of these ETFs occurred on May 1st, when they lost $563.7 million. The election has caused Bitcoin’s price to fall 4.6% over the last week, adjusting to around $68,000. Fidelity Wise Origin Bitcoin Fund (FBTC) experienced the biggest loss of $169.6 million. The week began with significant inflows into U.S. Bitcoin funds, but shifted towards slight outflows as election results began to emerge.

    Full Article

    Yesterday marked the second-highest ever sell-off day for Bitcoin exchange-traded funds (ETFs) in the US, just a day before a nail-biting election commences.

    The day saw 11 specific spot Bitcoin ETFs lose a net $541.1 million. BlackRock’s iShares Bitcoin Trust ETF (IBIT) was the only one to gain, pulling in $38.4 million, as per data from Farside Investors.

    This is the highest sell-off happening for these ETFs since May 1st, on which day they lost $563.7 million after Bitcoin’s price dropped 10.7% over a week to hit $60,000.

    Bitcoin traders seem to be playing it safe as the US election looms, with Bitcoin’s price falling 4.6% over the last seven days and 1.7% in just 24 hours to settle around $68,000.

    The Fidelity Wise Origin Bitcoin Fund (FBTC) suffered the most, losing $169.6 million, while the ARK 21Shares Bitcoin ETF (ARKB) saw $138.3 million flow out of it.

    Grayscale’s two Bitcoin funds collectively had a loss of $153.2 million. The Grayscale Bitcoin Trust (GBTC) lost $63.7 million, while its mini GBTC registered a loss of $89.5 million.

    Interestingly, the week really started with a bang with $2.2 billion flowing into US Bitcoin funds. But the week ended on a less positive note with an outflow of nearly $55 million.

    James Butterfill, head of research at CoinShares, notes that the inflows earlier in the week were likely due to excitement about the chance of a Republican victory in the election.

    But as election day drew closer, poll results started to shift, causing slight outflows on Friday — an indication of Bitcoin’s sensitivity to the US election, Butterfill says.

    The current polls show a practically even race between Kamala Harris and Donald Trump, with Harris leading by a narrow 1.2 percentage points in data as of Nov. 4 by FiveThirtyEight.

    Donald Trump’s chances of winning presidency fluctuated on crypto betting platform Polymarket, dropping to a low of 53.8% on Nov. 3 after peaking at 67% on Oct. 30, and now hovering just over 59%.

    Crypto industry folks seem to favor Trump due to his pro-crypto stance, with some even guessing that Bitcoin could reach $100,000 if he returns to the White House.

    Related Posts