by Sidhartha Shukla
US exchange-traded funds investing in Bitcoin recorded their highest daily net outflow to date as markets brace for Election Day.
The group of 12 funds managed by the likes of BlackRock Inc. and Fidelity Investments shed $579.5 million on Monday, according to data compiled by Bloomberg.
The outflows come as digital-asset traders prepare for a period of heightened volatility in the immediate aftermath of the US election.
The contest between Republican nominee Donald Trump and Democratic rival Kamala Harris looks to be going down to the wire, leaving investors across asset classes planning for market upheavals. During campaigning, Trump took an avowedly pro-crypto stance, while Harris, in a measured approach, pledged to back a regulatory framework for digital assets.
“The biggest changes for mid-longer term crypto policy and direction won’t be seen until after the week has passed and seats around the president are filled or maintained,” Paul Howard, senior director at crypto market maker Wincent said.
Bitcoin rose 2.3% to $68,621 as of 6:36 a.m. Tuesday in London. The digital asset reached an all-time high of $73,798 in March, aided by inflows into the US ETFs. The original cryptocurrency has rallied more than 60% so far in 2024, outperforming assets like stocks and gold.
Copyright Bloomberg News
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Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
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