As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies and financial markets, I find myself intrigued by the recent developments surrounding the US spot Bitcoin ETFs. The rollercoaster ride of these funds, particularly BlackRock’s, has been nothing short of captivating.
For the past six days, there have been continuous withdrawals from BlackRock’s Bitcoin-focused exchange-traded fund (ETF), which was introduced in January.
It appears that institutional investors decided to minimize risk on the U.S. election day, as they withdrew approximately $44.2 million from the iShares Bitcoin Trust (IBIT), as reported by CoinGlass on November 5th.
On just its sixth day of existence, the ETF has experienced a net withdrawal for the first time since October 10, with a total of $10.8 million exiting the fund on that date.
As an analyst, I observed a collective outflow of approximately $116.8 million across the 11 US spot Bitcoin Exchange-Traded Funds (ETFs), with the Fidelity Wise Origin Bitcoin Fund (FBTC) leading the charge at a significant $68.2 million in outflows.
Today, the sole addition to the fund was from the Bitwise Bitcoin ETF (BITB), with a sum of $19.3 million being invested in it.
For three days in a row now, U.S. Bitcoin ETFs have experienced withdrawals, following yesterday’s record $541.1 million outflow from 11 such funds.
Cryptocurrency markets experienced a surge following the conclusion of the U.S. elections, pushing Bitcoin (BTC) to touch an unprecedented peak of $75,000.
According to Henrik Andersson, Apollo Crypto’s Chief Investment Officer, Bitcoin has become a popular choice among traders worldwide as their preferred “election trade” at this time.
He calculated that the likelihood of a Donald Trump win was between 80% and 90%, based on his examination of betting trends and conventional data sources.
“Bitcoin is in our view mirroring this, it might, in the short term, have done 80% of the move already where it is now at above 74,000.”
He predicted Bitcoin would reach $100,000 by the end of the year if Trump ends up winning.
On November 5th, in a blog post, ETF Store’s president, Nate Geraci, stated that while the overall influence of elections on investments tends to be exaggerated, the regulatory climate, particularly the leadership at the Securities and Exchange Commission (SEC), can have a substantial impact on the development of ETFs.
“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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2024-11-06 09:32