Bitcoin ETFs Record Huge Outflows Ahead of US Presidential Election

Bitcoin exchange-traded funds (ETFs) in the U.S. saw their second-largest day of outflows on Nov. 4, just before the country’s highly anticipated election. According to CoinGlass, the 11 spot Bitcoin ETFs recorded a net outflow of $541.1 million. BlackRock’s iShares Bitcoin Trust ETF (IBIT) was the only one to secure inflows, totaling $38.4 million. This marks the largest outflow day for Bitcoin ETFs since May 1, when $563.7 million was withdrawn after Bitcoin dropped 10.7% to $60,000. Ahead of the Nov. 5 U.S. election, Bitcoin traders are trimming their positions, causing Bitcoin to fall 4.6% over the past week and