BlackRock's Bitcoin ETF sees 6th ever outflow on US election day

BlackRock’s spot Bitcoin exchange-traded fund (ETF) has posted its sixth day of net outflows since it launched in January.

Institutional investors seemingly went risk-off on election day in the United States as the iShares Bitcoin Trust (IBIT) saw an outflow of $44.2 million on Nov. 5, according to CoinGlass.

However, it is only the sixth day in its short history that the ETF has seen a net outflow, and its first since Oct. 10, when $10.8 million left the fund.

Overall, the 11 US spot Bitcoin ETFs posted net outflows of $116.8 million, led by $68.2 million in outflows from the Fidelity Wise Origin Bitcoin Fund (FBTC).

The only inflow for the day was the Bitwise Bitcoin ETF (BITB), which saw $19.3 million enter the fund.

It is also the third consecutive trading day that the US spot Bitcoin ETFs have seen an outflow and comes a day after the 11 funds had their second-largest day of outflows, which topped $541.1 million.

Apollo Crypto chief investment officer Henrik Andersson told Cointelegraph that “Bitcoin is currently the election trade for traders globally.”

He estimated an 80% to 90% probability of a Donald Trump victory by analyzing betting markets and traditional sources.

He predicted Bitcoin would reach $100,000 by the end of the year if Trump ends up winning.

In a blog post on Nov. 5, ETF Store president Nate Geraci said that the overall impact of the elections on investments is often overstated. However, the regulatory environment, especially SEC leadership, can significantly affect ETF innovation, he added.

“Nobody knows for sure how this all might play out–and the best longer-term solution is the implementation of a bipartisan, comprehensive crypto framework–but it seems highly likely this election will affect the speed of crypto ETF innovation one way or another.”

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