Record $580M Outflows Hit Bitcoin ETFs Amid Pre-Election Market Uncertainty

U.S. Bitcoin ETF faced unprecedented outflows of $580 million, driven by bearish sentiment as investors brace for election-related volatility. Select ETF like BlackRock saw inflows, highlighting cautious optimism amid broader declines.

Bitcoin ETFs in the United States recently saw a record-breaking outflow, with $580 million withdrawn on Monday, exceeding the prior peak in May this year. Analysts attribute the sharp outflows to investor apprehension as the U.S. presidential election approaches, a catalyst expected to influence crypto market volatility and drive bearish sentiment.

The Grayscale Bitcoin Mini Trust ETF (BTC) and Bitwise Bitcoin ETF (BITB) were hit hardest, recording outflows of $89.5 million and $79.8 million, respectively. However, some ETFs weathered the storm, including BlackRock’s iShares Bitcoin Trust ETF (IBIT), which managed a $26 million inflow despite the widespread retreat, signaling pockets of investor confidence.

In addition, the Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF (ARKB) reported significant inflows of $169 million and $138 million, respectively, showing selective interest within the Bitcoin ETF landscape.

Ethereum ETFs followed suit, with total outflows reaching $63 million, led by Grayscale Ethereum Mini Trust ETF (ETH) and Fidelity Ethereum Fund (FETH), which shed $31.94 million and $31.5 million, respectively. Ethereum’s price mirrored Bitcoin’s decline, falling by 1.6% over the past day to hover just above $2,400.

Bitcoin’s recent price drop, which came after briefly reaching $73,000 last week, now sees the asset trading around $68,300. Market analysts note that this cautious trend reflects broader investor uncertainty leading up to the U.S. election, with expectations of continued market volatility depending on the outcome and any resulting regulatory stances on cryptocurrency.

Jim Bianco of Bianco Research commented on the sentiment, noting that the anticipated surge of new capital into Bitcoin ETFs has yet to materialize, challenging recent bullish predictions in the crypto community. Investors are balancing cautious inflows and record-breaking outflows as the market braces for what many anticipate will be a highly influential election outcome.

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