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 This was the ETF’s first outflow since October 10, when $10.8 million was withdrawn.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.
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.
Japanese investment firm Metaplanet has bolstered its Bitcoin holdings with a fresh purchase of 162 BTC, pushing its total stash to 3,050 BTC.