US Bitcoin ETF Sees Record Outflows Ahead of Election Day – BNN Bloomberg

(Bloomberg) — U.S. exchange-traded funds that invest in bitcoin recorded their highest daily net outflows to date as markets prepare for Election Day.

A group of 12 funds managed by companies such as BlackRock Inc., according to Bloomberg. and Fidelity Investments, lost $579.5 million on Monday.

The capital outflow comes as digital asset traders prepare for a period of increased volatility immediately after the US elections.

The rivalry between Republican candidate Donald Trump and Democratic challenger Kamala Harris appears to have reached a stalemate, leaving investors across asset classes planning for market turmoil. During the campaign, Trump took an openly pro-cryptocurrency stance, while Harris took a measured approach and pledged to support a regulatory framework for digital assets.

“The biggest changes in the medium-term policy and direction of cryptocurrency will not be seen until a week has passed and the seats around the president are filled or saved,” said Paul Howard, senior director at cryptocurrency market maker Wincent.

Bitcoin was up 2.3% at $68,621 as of 6:36 a.m. Tuesday in London. The digital asset hit an all-time high of $73,798 in March, helped by inflows into US ETFs. The original cryptocurrency rose more than 60% in 2024, outperforming assets such as stocks and gold.