Volatility data from major cryptocurrency exchanges or financial analysis platforms

Bitcoin ETFs Record $540.9M Outflows, Six-Month High Ahead of US Elections

Nov 5, 2024, 12:34 PM

Ahead of the 2024 US elections, the Bitcoin implied volatility index has risen to an annualized 63.24%, the highest since late July, as traders position for potential Bitcoin swings. This surge in volatility has led to significant movements in the cryptocurrency market, with US exchange-traded funds (ETFs) investing in Bitcoin recording their highest daily net outflow to date. On November 4, Bitcoin ETFs saw a massive net outflow of $540.9 million, marking a six-month high and the second-largest single-day outflow in history. Among the ETFs, Fidelity's $FBTC experienced the largest outflow at $169.6 million, followed by Ark's $ARKB at $138.3 million and Grayscale's $GBTC at $89.5 million. In contrast, Blackrock’s $IBIT was the only ETF to record positive flows, with $38.6 million. Ethereum spot ETFs also faced a net outflow of $63.2 million. The increased volatility and outflows are attributed to investor caution and preparation for potential market turbulence following the elections.