Is Trump’s business over? Bitcoin, Ethereum ETFs See First Outflow After Election
U.S.-based bitcoin and ethereum exchange-traded funds (ETFs) were hemorrhaging on Thursday, ending a run of gains since Donald Trump was elected president on Nov. 5.
Farside Investors posted a net inflow of $400.7 million on November 14, with Bitcoin (BTC) down on November 14, down 2% over the past 24 hours.
The two funds to see positive inflows were BlackRock's iShares Bitcoin Trust ETF, which had $126.5 million worth of net inflows compared to a smaller $2.5 million to the VanEck Bitcoin ETF.
Fidelity's ETF posted the largest net inflow at $179.2 million, followed by $161.7 million from the ARK and 21Shares ETF and $113.9 million from the Bitwise fund. Greyscale's ETF and mini-ETFs combined totaled $74.9 million.
It's the first time ETFs have posted outflows since Trump won the election, an event that sent bitcoin up 30% to nearly $93,500 on Nov. 13, kicking off the crypto's peak rally.
Bitcoin rallied from $68,000 to over $93,000 on November 5, continuing to break new highs along the way. Source: TradingView
EFAs saw a combined $116.8 million spent on Election Day amid uncertainty about who will be president on Election Day, with polls predicting a tight race between Trump and Democratic challenger Kamala Harris.
As the Republican candidate's victory became clear, the broader financial market rallied on the “Trump trade” — buoyed by his promise to boost the U.S. economy.
The crypto market surged on similar pro-crypto hopes, with bitcoin ETFs hitting $1.37 billion in their biggest daily inflow on Nov. 7 — part of a six-day inflow that saw $4.7 billion added to bitcoin funds.
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Meanwhile, US spot Ether (ETH) ETFs saw their first net outflow since Trump's victory, leaving $3.2 million in net cash on Nov. 14, Farside.
It has accounted for nearly $800 million in inflows since November 4 – when ETH funds were last withdrawn. ETH is down 5% in the last 24 hours to trade below $3,100.
BlackRock's iShares Ethereum Trust ETF saw $18.9 million with $900,000 going into Invesco's ETH fund.
The Greyscale Ethereum Trust ETF was responsible for the bulk of the outflow at $21.9 million.
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