Election day is here and it appears traditional investors were looking to de-risk before voters even made it to the polls. On Monday, U.S. Bitcoin exchange traded funds (ETFs) saw huge outflows with $541 million being withdrawn from the investment products.
This election-related outflow is nearly the largest outflow the Bitcoin ETFs have seen since creation, according to CoinGlass data, only topped by an outflow of $563.7 on May 1 amid the Bitcoin price experiencing a big slide.
BlackRock’s iShares Bitcoin Trust (IBIT) was the only fund to see inflows on Monday, bringing in $38.4 million while every other fund stood still or saw significant outflows.
Fidelity Wise Origin Bitcoin Fund (FBTC), most notable, withdrew $138.3 million as the ARK 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB) lost $138.3 million and $79.9 million respectively.
By comparison, on Friday the U.S. Bitcoin ETFs saw just $54.9 million worth of outflows after it had experienced seven days of consecutive inflows.
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Author: Ryan Gladwin
