Ethereum

Donald Trump

November 5 is finally here, and all eyes are on the United States as the country elects its next president – whether it will continue with its Democratic views as it did during the past four years or it will go back to the previous cycle when Republican candidate Donald Trump was in charge.
As such, it’s interesting to examine how local investors behaved during the last full trading day before the elections, at least in terms of regulated spot cryptocurrency exchange-traded funds.
<h2 id="btc-etf-streak-broken">BTC ETF Streak Broken</h2>
CryptoPotato <a href="https://cryptopotato.com/record-setting-week-for-bitcoin-funds-ahead-of-us-elections-etf-recap/" data-wpel-link="internal" rel="noopener noreferrer nofollow">reported</a> over the weekend the highly beneficial and positive streak the <a href="https://cryptopotato.com/best-bitcoin-etf/" data-wpel-link="internal" rel="noopener noreferrer nofollow">spot Bitcoin ETFs</a> had been on since October 10. The previous week was particularly promising. It turned out to be the best in terms of net inflows since mid-March, with more than $2.2 billion entering the funds.
However, it ended with minor outflows of $54.9 million, which was the first warning sign of what was to come on Monday. <a href="https://farside.co.uk/bitcoin-etf-flow-all-data/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Data</a> from Farside reveals that investors changed their strategy on November 4 by pulling out $541.1 million. This is the most net outflows the 11 spot BTC ETFs have seen since May 1, when the number stood at $563.7 million.
Almost all of the funds were in the red, led by Fidelity’s FBTC (-$169.6 million) and Ark Invest’s ARKB (-$138.3 million). The silver lining was once again <a href="https://cryptopotato.com/blackrocks-ibit-bitcoin-etf-sees-historic-872m-inflows-surpassing-previous-highs/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BlackRock’s IBIT</a>, which was the sole beneficiary of $38.4 million in net inflows.
As a result, BTC’s price tumbled from over $69,000 to a weekly low of $66,800. Despite recovering nearly two grand since then, bitcoin is still $5,000 lower than it was this time last week when it almost broke its March ATH. More volatility is <a href="https://cryptopotato.com/3-things-that-will-move-crypto-markets-in-volatile-week-ahead/" data-wpel-link="internal" rel="noopener noreferrer nofollow">expected</a> today and tomorrow when the results of the US elections are revealed.
<h2 id="eth-etfs-follow-suit">ETH ETFs Follow Suit</h2>
The <a href="https://cryptopotato.com/best-ethereum-etfs/" data-wpel-link="internal" rel="noopener noreferrer nofollow">spot Ethereum ETFs</a> have failed to attract investors’ attention and funds, but yesterday was a particularly painful day for the financial products. Overall, the net outflows skyrocketed to $63.2 million. Fidelity’s FETH and Grayscale’s ETH were at the forefront of withdrawals, with $31.5 million and $31.9 million, respectively.
This was the ETF’s worst day since September 23, when the total net outflows stood at $79.3 million.
ETH’s price slumped to $2,370 during the night. Although it is up to $2,420 now, it is still 1.5% down on the day and more than 7% lower than last Tuesday.
The post <a href="https://cryptopotato.com/what-happened-with-bitcoin-ethereum-etfs-on-last-trading-day-before-us-elections/" rel="noopener noreferrer nofollow">What Happened With Bitcoin, Ethereum ETFs on Last Trading Day Before US Elections?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

What Happened With Bitcoin, Ethereum ETFs on Last Trading Day Before US Elections?

Table of Contents

CryptoPotato_News

Other articles published on Nov 5, 2024

Mt.Gox Transferred Over $2.2B in Bitcoin Today

Bitcoin Slippage Analysis: Can BTC Hit $100K as EOY Nears?

Facebook’s owner, Meta fined $15.6m in South Korea for user privacy breach

GSR Markets Deposits $2.83M in ENA Tokens to Binance Amid Major Crypto Transfers

Traders could push Bitcoin to $80,000 in US election frenzy

Saylor Buys More, Sui Ecosystem Set To Explode? + Altcoin Breakout Soon?

Join our free newsletter for daily crypto updates!