The United States spot Bitcoin exchange-traded funds (ETF) recorded $541.1 million in outflows on Monday, marking the second-largest outflow day in history as BTC plummeted below $69,000.
Due to uncertainty about who will win today’s U.S. presidential election and how it will affect the price of BTC and the entire crypto market, many investors have sold their holdings to remain safe.
$541.1 Million Bleeding
According to Farside, Fidelity’s FBTC led the bearish business day on Monday, selling off about $169.6 million from its holdings. Ark 21shares ARKB seconded the flow, recording a $138.3 million outflow on the same day.
Notably, Monday marked the first time Grayscale’s mini bitcoin trust, with the ticker BTC, recorded more outflows than Bitwise’s BITB and Grayscale’s GBTC. BTC lost $89.5 million, while BITB and GBTC sold $79.8 million and $63.7 million, respectively.
EZBC, BRRR, and HODL lost $38.6 million, while BTCO and BTCW remained dormant.
On the positive side, BlackRock’s IBIT amassed about $38.4 million on Monday, maintaining its position as the leading Bitcoin ETF in the United States.
Plunge to $66,800
Following Monday’s bearish ETF business day was a downtrend for the world’s leading cryptocurrency, BTC.
Seven days ago, bitcoin leaped above $73,500 as spot Bitcoin ETFs recorded historic inflows of $870 million, driven by investors’ optimism about the U.S. election. Notably, yesterday’s outflows contributed to a 9% decrease from its price around last Tuesday, as BTC dropped below $66,800.
However, according to live price data from CryptocurrenciesToWatch, BTC has recovered in price to trade around $68,900, forming many bullish candles as it aims for $70,000.
Election Drives Price Movement
Just as in past years, market speculations continue during the U.S. presidential election period as many crypto investors long for a pro-crypto candidate to secure the seat and further boost the ecosystem.
Regarding this year’s election, many look up to Republican candidate Donald Trump to win, as he has promised to boost crypto adoption in America if elected. Others stand with Vice President Kamala Harris, who has also vowed to support crypto if she wins.
However, many crypto experts have said that the election will have minimal effects on the price of BTC, predicting that the crypto will go as high as $100k by 2025, no matter who wins.
