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Capital in United States-based spot Bitcoin (BTC) exchange-traded funds (ETFs) has diminished as the results of the upcoming election remain uncertain.
SoSoValue data shows that over yesterday’s trading day, over $541 million left the United States spot Bitcoin ETF market, leaving $67.44 billion worth of assets in the category. The total value traded on Nov. 4 is $2.22 billion.
Bitcoin ETF data
While the outflows just reported remain notable, they are still not the highest ever reported. On May 1, Bitcoin spot ETFs saw $563.7 million worth of outflows in a single day, after Bitcoin’s price dropped by nearly 11%.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) was the only fund in the category to report a positive net flow of capital on Nov. 4, with $38.42 million added to its coffers over the trading day..
The outflows follow Bitcoin recently reporting heightened volatility amid election uncertainty. A recent dip in Bitcoin’s price followed a shift in United States polls, making Democrat presidential candidate Kamala Harris the most likely winner with a slim 1.1% lead in the nationwide polls.
Most crypto proponents view a Donald Trump victory as the more favorable outcome for the industry. The Republican candidate has been an outspoken crypto proponent, while his Democrat opponent Kamala Harris has avoided taking a clear stance on the matter.
This divide increased when in late August the Trump family announced a decentralized finance (DeFi) platform — leading to the presidential candidate being personally invested in the future of the cryptocurrency industry. The president also endorsed plans to create a United States strategic Bitcoin reserve — a plan that was widely criticized — that would see the nation itself gain significant exposure to Bitcoin.
