BlackRock's spot Bitcoin ETF experienced a significant outflow of $44.2 million on November 5, marking its sixth day of net withdrawals since its debut in January.
The outflow came as institutional investors appeared to adopt a risk-averse strategy following the U.S. election. This was the ETF’s first outflow since October 10, when $10.8 million was withdrawn.
The broader trend saw U.S. spot Bitcoin ETFs collectively lose $116.8 million, with the Fidelity Wise Origin Bitcoin Fund leading the losses at $68.2 million. In contrast, the Bitwise Bitcoin ETF was the only one to post an inflow, attracting $19.3 million.
This marks the third consecutive day of outflows for the U.S. Bitcoin ETFs, which had already faced their second-largest outflow day on November 4, totaling $541.1 million. However, as election results emerged, Bitcoin surged, reaching an all-time high of $75,000.
Henrik Andersson, CIO of Apollo Crypto, suggested that Bitcoin’s recent performance mirrored expectations of a potential Trump victory, predicting a rise to $100,000 by year’s end if Trump secures the win. Meanwhile, ETF Store’s Nate Geraci emphasized that while the election’s impact on investments is often exaggerated, regulatory changes – particularly in SEC leadership – could significantly shape the future of crypto ETFs.
Ethereum (ETH) has been experiencing a notable decline relative to Bitcoin (BTC), prompting analysts to forecast further price drops in the near future.
The idea of a Strategic Bitcoin Reserve in the U.S. has caught the attention of Deutsche Bank, which sees it as a move with significant economic implications.
Rumble has expanded its Bitcoin holdings, acquiring 188 BTC for $17.1 million as part of its long-term strategy to integrate digital assets into its corporate treasury.
Russia, under mounting financial sanctions, is cautiously testing the waters of regulated cryptocurrency investment.