On the day prior to the U.S. election, spot Bitcoin ETFs saw a massive outflow of $541.1 million dollars, which is the second largest outflow ever for Bitcoin ETFs. This hefty capital outflow clearly had its impact on the BTC price, which has continued to falter ever since.

Strong Inflow Series Stops Suddenly

The significant outflow marks the end of a period when Bitcoin ETFs actually managed to pull in significant amounts. In recent weeks, billions of dollars in capital were still being invested in these funds, but the current uncertainty surrounding the election seems to have put an end to that party for now.

The election battle in the United States has left investors in a state of confusion. What initially seemed like an almost certain victory for Donald Trump has now turned into an unpredictable race. This political uncertainty is clearly affecting crypto market dynamics.

Losers and Winners

Fidelity was the biggest loser with outflows of over $169 million. In contrast, only BlackRock managed to hold up somewhat with an inflow of $38.4 million. This shows how the unrest in the run-up to the election is straining the willingness to invest in Bitcoin ETFs.

Political Influence on the Bitcoin Market

Bitcoin's sensitivity to the U.S. election results was reaffirmed yesterday. "As the polls started to shift, we already saw a small outflow in ETFs on Friday," said James Butterfill of CoinShares. "This highlights how impacted Bitcoin is right now by the political situation in the United States."

However, the election outcome remains unpredictable. Several polls show a neck-and-neck race, while statistical platform FiveThirtyEight indicates that Harris is currently ahead of Trump by 1.2%. Meanwhile, according to the betting platform Polymarket, Trump's chances of success have dropped to 59.3%, despite his previous lead of 30%.

Uncertainty Reigns

The past few weeks have been a constant trade-off between gains and losses, as the numbers make clear. Today, Americans go to the polls, and hopefully there will be clarity soon. Once the political circus is over, the focus can return to Bitcoin and crypto market developments.