What happened to Bitcoin, Ethereum ETFs on the last day of trading before the US election?

November 5 is here, and all eyes are on America as the country elects its next president, whether he will continue with his Democratic views as he has for the past four years or return to the previous cycle when the Republican candidate Donald Trump was in charge.

As such, it is interesting to examine how local investors fared during the last full trading day before the election, at least as far as regulated spot cryptocurrency trading funds are concerned.

BTC ETF streak broken

CryptoPotato reported over the weekend the highly beneficial and positive streak that Bitcoin ETFs had been on since October 10th. The previous week was particularly promising. It turned out to be the best in terms of net inflows since mid-March, with more than $2.2 billion flowing into the funds.

However, it ended with small outflows of $54.9 million, which was the first warning sign of what was to come on Monday. Farside data reveals that investors changed their strategy on November 4 by pulling out $541.1 million. These are the most net outflows the 11 local BTC ETFs have seen since May 1, when the figure stood at $563.7 million.

Almost all funds were in the red, led by Fidelity’s FBTC ($-169.6 million) and Ark Invest’s ARKB ($-138.3 million). The silver lining was again BlackRock’s IBIT, which was the sole beneficiary of $38.4 million in net inflows.

As a result, BTC price dropped from over $69,000 to a weekly low of $66,800. Despite recovering nearly two thousand since then, bitcoin is still $5,000 lower than last week when it nearly broke its March ATH. More volatility is expected today and tomorrow when the US election results are revealed.

ETH ETFs follow suit

Spot Ethereum ETFs have failed to attract investors’ attention and funds, but yesterday was a particularly painful day for financial products. Overall, net outflows soared to $63.2 million. Fidelity’s FETH and Grayscale’s ETH led the withdrawals, with $31.5 million and $31.9 million, respectively.

This was the ETF’s worst day since Sept. 23, when total net outflows stood at $79.3 million.

The price of ETH dropped to $2,370 overnight. Although it is now at $2,420, it is still down 1.5% on the day and up more than 7% since last Tuesday.

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