Bitcoin ETFs saw huge outflows ahead of the US election.

Election day is here and traditional investors seem to be looking to de-risk voters before they get to the polls. On Monday, U.S. Bitcoin exchange-traded funds (ETFs) saw the largest inflows as $541 million was withdrawn from the investment products.

This election-related outflow, according to CoinGlass data, is nearly the largest outflow Bitcoin ETFs have seen since their inception, a major slide in Bitcoin's price, which settled at just $563.70 on May 1.

Blackrock iShares Bitcoin Trust (IBIT) was the only fund to see gains on Monday, bringing in $38.4 million while every other fund was stagnant or saw significant outflows.

Fidelity Wise Origin Bitcoin Fund (FBTC), the best known, shed $138.3 million as the ARK 21Shares Bitcoin ETF (ARKB) and Bitwise Bitcoin ETF (BITB) lost $138.3 million and $79.9 million, respectively.

By comparison, the US Bitcoin ETF on Friday saw $54.9 million in outflows after experiencing a seven-day streak of inflows.

This may be due to the US presidential election scheduled to take place on Tuesday.

Donald Trump has long been seen as the ‘crypto candidate' due to his vocal support for Bitcoin and cryptocurrency as a whole. As a result, JPMorgan predicted that Bitcoin will see gains if the Republican wins the race.

A recent Bernstein report said that if Trump wins the election, Bitcoin will reach $90,000 in the coming weeks. However, if Harris wins, it will only drop to $50,000

This prediction comes on the back of Kamala Harris's weak stance on cryptocurrency, largely because she's championing blockchain innovation and championing technology to protect black men. This has led traders to believe that she will be a worse option for the orange coin compared to Trump.

That said, VanEck analysts speculated that her rule as president could weaken the US dollar and push the adoption of Bitcoin – which would be bullish for the value of the leading cryptocurrency.

We are seeing uncertainty as Ethereum fell by 7.3% last week and Bitcoin fell by 3.4%.

At the time of writing, the prediction market Polymarket has Trump at 62% with Harris at 38%.

That contrasted with a significant Iowa poll from veteran pollster Ann Selzer, who put Harris within three percentage points of Trump. If correct, this could be disastrous for Republicans. As soon as this news broke, the Polymarket opportunity narrowed sharply, Bitcoin slid, and total crypto liquidity reached $315 million in 24 hours.

Edited by Stacy Elliott.