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Are you keeping up with the latest developments in the stock market? If not, you’re missing out on some crucial information that could impact your trading decisions. Today, we’re focusing on the US BTC-Spot ETF market and how it’s being influenced by the upcoming presidential election.
US BTC-Spot ETF Market Outflows During US Presidential Election Jitters
As the US presidential election draws nearer, uncertainty is causing outflows from US BTC-spot ETFs, affecting BTC demand and price trends. On November 1st, the US BTC-spot ETF market saw net outflows of $54.9 million, ending a seven-day inflow streak. This trend continued on November 4th, with a second consecutive day of outflows dampening BTC demand.
According to Farside Investors, some key outflow data includes:
- Fidelity Wise Origin Bitcoin Fund (FBTC) experienced net outflows of $169.6 million.
- ARK 21Shares Bitcoin ETF (ARKB) reported net outflows of $138.3 million.
- Grayscale Bitcoin Mini Trust (BTC) had net outflows of $89.5 million.
- Bitwise Bitcoin ETF (BITB) saw net outflows of $79.8 million.
- Grayscale Bitcoin Trust (GBTC) registered outflows of $63.7 million.
Excluding flow data for iShares Bitcoin Trust (IBIT) and Invesco Galaxy Bitcoin ETF (BTCO), the US BTC-spot ETF market had net outflows of $579.5 million, with 9 of the 12 issuers experiencing outflows.
US Presidential Election Outcome and US Government BTC Holdings
Trump’s discussion of making BTC a strategic reserve and the US government a BTC HODLER on the campaign trail has significant implications for BTC price trends. Currently, the US government holds 208,109 BTC, equivalent to $14.13 billion. The outcome of the US presidential election could impact the government’s stance on BTC and potential sales, affecting the supply-demand balance in BTC’s favor.
Alliance Bernstein analysts have adjusted their BTC predictions, forecasting a potential drop to $50,000 if Kamala Harris wins and a rally to $80-$90k if Trump is re-elected.
Bitcoin (BTC) Price Action
On November 4th, BTC experienced a 0.97% decline, closing at $67,882. The uncertainty surrounding the US election result caused BTC to dip below $67,000. Stay tuned for more updates on BTC price action and market trends.
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