The United States-approved spot bitcoin exchange-traded funds (ETF) recorded its first inflow day of November on the day of the U.S. presidential election. According to ETF data tracker Farside, the funds recorded an inflow of about $621.9 million on Wednesday after Republican Donald Trump won the election.
FBTC’s Best Business Day
After concluding four outflow days, Fidelity’s Bitcoin ETF, FBTC, led yesterday’s inflow, taking in about $308.8 million, to record its best business day since June 4.
Trailing FBTC was Ark 21shares ETF, ARKB, which took in about $127 million on election day. This signaled investors’ shift to Bitcoin ETFs in response to the results, as they expect a better future for cryptocurrencies when Trump takes over the U.S. presidency.
Bitwise’s BITB was a significant part of yesterday’s green day. It recorded $100.9 million in inflows, its highest since February. Similarly, VanEck’s Bitcoin ETF, HODL, was favored by the election results as it took in $17.2 million, its highest in 12 business days.
IBIT Bleeds $69.1 Million
While Other ETFs recorded historic inflow days, BlackRock’s IBIT had its worst business day since launch, losing about $69.1 million, even after it attained a record-breaking $4.1 billion trading volume the same day.
Notably, yesterday marked the first day in history when Grayscale’s GBTC recorded an inflow while IBIT ended the day on outflows. GBTC took in $30.9 million, while Grayscale’s Mini Bitcoin Trust, BTC, inflowed $108.8 million.
Meanwhile, IBIT wasn’t alone. Valkyrie Bitcoin Fund ETF, BRRR outflowed about $2.6 million from its holdings.
A Donald Trump Win – What it Means
During his presidential campaign, Trump pronounced support for crypto technology in several ways, thereby winning the heart of the crypto community. Thus, investors speculate that a win for him is a win for the crypto community.
Further, he made about ten promises in favor of crypto firms, traders, and investors in the U.S. if he wins the election. These include making America the world’s Bitcoin capital, Firing Gary Gensler, creating a Bitcoin for the United States, and so on.
After Trump was announced as the election winner yesterday, BTC jumped to a new all-time high of around $76k yesterday.
