As early election results hint at a strong lead for Donald Trump, Bitcoin has surged to the $75,000 level. However, despite this impressive price jump, U.S. Bitcoin ETFs didn’t mirror the enthusiasm (yet), showing a surprising net outflow for the day. According to SoSoValue data, the combined outflows across Bitcoin ETFs reached $116.90 million, a stark contrast to Bitcoin’s recent momentum.
One of the most surprising results for the day was BlackRock’s IBIT fund, which for the first time in weeks reported outflows, losing $44.23 million. This unexpected sell-off from such a prominent fund could signal a shift in investor sentiment or perhaps a cautious move amid the election-driven volatility.
Here’s a closer look at the inflows and outflows across different funds. Bitwise’s BITB fund stood alone in recording inflows for the day, showing some resilience amid the general trend of sell-offs.
On the outflow side, Fidelity’s FBTC fund topped the list, seeing a significant $68.24 million move out. Following closely was BlackRock’s IBIT, with $44.23 million in outflows, adding to the day’s overall outflow numbers. Ark Invest’s ARKB fund saw $12.48 million exit, while Franklin Templeton’s ZBC lost $6.04 million. VanEck’s HODL recorded outflows of $3.93 million, and Valkyrie’s BRR experienced a smaller outflow of $1.28 million.
A few funds stayed neutral, without any reported inflows or outflows for the day. This includes Grayscale’s GBTC and BTC, Invesco’s BTCO, and WisdomTree’s BTCW, which held steady as other funds saw activity.
At the time of writing, Bitcoin was trading at $74,050, according to CoinMarketCap. The discrepancy between Bitcoin’s upward price movement and the ETF outflows suggests a complex sentiment among institutional investors, possibly driven by caution amidst the ongoing election uncertainty.
Follow us at HowToBuyBitcoin.org where we continue tracking these inflows and outflows. It is going to be interesting to see if the election results continue to impact Bitcoin ETF trends in the days to come.