On U.S. election day, the iShares Bitcoin Trust (IBIT), BlackRock’s spot Bitcoin ETF, experienced its sixth-ever net outflow since its launch in January. The fund saw $44.2 million in outflows on November 5, according to data from CoinGlass, marking a notable withdrawal as Bitcoin rallied to reach an all-time high of $75,000.
This outflow represents IBIT’s first since October 10, when $10.8 million left the fund, indicating a cautious approach among institutional investors on election day. Other U.S. spot Bitcoin ETFs mirrored this trend, with total net outflows for the day amounting to $116.8 million.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) led the outflows with $68.2 million, while the Bitwise Bitcoin ETF (BITB) saw the day’s only inflow, attracting $19.3 million.
Bitcoin rallied after the U.S. trading session, hitting a record high amid the election results
Apollo Crypto’s chief investment officer Henrik Andersson commented that “Bitcoin is currently the election trade for traders globally,” pointing to strong correlations between BTC price movements and the expected election outcomes.
Andersson suggested that betting markets were heavily favoring a Donald Trump victory, which he believes could propel Bitcoin to $100,000 by year-end if it materializes. “Bitcoin might have already completed 80% of the anticipated move now, with its recent rise above $74,000,” he noted.
While election cycles are often perceived as influential, Nate Geraci, president of the ETF Store, argued in a blog post that longer-term crypto ETF innovation hinges more on regulatory shifts than political outcomes alone. He stated, “The best longer-term solution is the implementation of a bipartisan, comprehensive crypto framework,” which could determine the pace of future crypto ETF development.
