It's November 5th, and the suspense is tangible as America gears up for its next big decision—will it stick with the Democrats or swing back with the Republicans led by Donald Trump? While the nation holds its breath, let's sneak a peek at how investors played the crypto market on the last full trading day before the election showdown.
The crypto scene has been buzzing with excitement, especially since October 10, when spot Bitcoin ETFs embarked on a winning streak. Just last week, they were riding high with a whopping $2.2 billion pouring in, marking the best week since mid-March. But hold your horses because just as things were getting heated, a cold front moved in with $54.9 million in outflows—cue the dramatic music!
Fast forward to November 4th, and investors decided to shake things up by pulling out a hefty $541.1 million. This was the biggest outflow seen since May 1st when things hit the fan with $563.7 million in outflows. Most funds were seeing red, with Fidelity’s FBTC and Ark Invest’s ARKB leading the pack in outflows. But, in a twist of fate, BlackRock’s IBIT was the lone ranger, pulling in $38.4 million.
This financial plot twist sent Bitcoin's price tumbling from a sky-high $69,000 to a low of $66,800. Although it's made a bit of a comeback, the coin is still $5,000 below last week's peak. Brace yourselves for more market drama as the election results roll in.
Meanwhile, Ethereum ETFs were having a tough time catching investors' eye, and yesterday was no exception. They faced a rough patch with net outflows hitting $63.2 million. Fidelity’s FETH and Grayscale’s ETH took the hardest hits, with hefty withdrawals of $31.5 million and $31.9 million, respectively. It was their worst day since the infamous September 23 dip.
ETH’s price took a midnight dive to $2,370, and though it's clawed back to $2,420, it's still 1.5% down for the day and over 7% lower than last Tuesday. The crypto world is holding its breath for what comes next as America makes its choice. Stay tuned for more twists and turns!
