In perhaps one of the most intriguing and important weeks for the US, local investors showed uncertainty at first but ultimately changed their sentiment toward the spot Bitcoin ETFs as the country elected a new president.
Even the spot Ethereum ETFs saw some impressive net inflows for their own standard.
BTC ETFs During Election Week
All eyes in the financial markets were on the US presidential elections, which took place on Tuesday, and the results became official on Wednesday. Donald Trump, the self-proclaimed crypto candidate, won a decisive victory, which had an immediate and substantial impact on all financial markets, including crypto.
US investors had a cautious approach toward the Bitcoin ETF landscape, as they finished the previous week with minor outflows, even though it was a highly beneficial five-day trading period. The start of the election week was quite painful, with more than $540 million withdrawn on Monday and $116.8 million taken out on Tuesday.
However, once the uncertainty on who will be the next US president cleared out, investors did a 180 and started pouring funds into the financial products. The total net inflows for Wednesday stood at $621.9 million, a mind-boggling $1,373.8 billion on Thursday, making it the best-day ever in their 10-month history, and $293.4 million on Friday. Thus, approximately $2.3 billion was allocated to the spot Bitcoin ETFs since the election.
$2.3bil into spot btc ETFs over past 3 days…
Some people thought spot btc ETFs would be lucky to take in $2bil for entire yr.
$2.3bil since election. https://t.co/QQJYTT6vld
— Nate Geraci (@NateGeraci) November 9, 2024
Overall, the net weekly inflows came at $1,631.2 billion, according to Farside data. BTC’s price went hard on the offensive within the same period, skyrocketing from under $67,000 on Tuesday to nearly $80,000 earlier today.
ETH ETFs Also See Good Numbers
Although the demand and net inflows for the Ethereum ETFs are nowhere near those for the Bitcoin counterparties, they still saw some positive changes during the election week. After $63.2 million in net outflows on Monday, investors paused their interactions on Tuesday with nothing notable to report, but started to pour funds in during the remaining three trading days.
Farside shows $52.3 million allocated on Wednesday, $79.7 million on Thursday, and $85.9 million on Friday. This means that the total net inflows for the week stood at $154.7, making it one of the best since the ETFs’ inception in late July.
ETH’s price has gained 30% within the past week and tapped $3,200 earlier today after being on the sidelines for the past few months.
