The US Spot Bitcoin ETFs Registered a Notable Net Cash Outflow on Monday

As American voters go to the ballot boxes to elect their 47th president, the crypto market, led by Bitcoin BTC $68 647 24h volatility: 0.8%

output: US spot Bitcoin ETFs registered a net cash outflow on Monday, following more than $2.2 billion in cash inflows last week.

Bitcoin price dropped as low as $66,853 in the past 24 hours before rebounding above $68,7 at the time of this report.

Bitcoin whales moved over 21,000 BTC from an unknown wallet to another on Monday, valued at about $1.44 billion at current prices.

After announcing plans to liquidate its remaining Bitcoins in September, another batch of 5,000 BTC, valued at over $346 million, was moved from Mt. Gox to an external wallet on Monday evening.

As American voters go to the ballot boxes to elect their 47th president, the crypto market, led by Bitcoin, is undeniably feeling the heat of the stakes at hand. The total crypto market cap slipped over 2% in the last 24 hours to hover around $2.38 trillion on Tuesday, November 5, during the mid-European session.

Bitcoin price dropped as low as $66,853 in the past 24 hours before rebounding above $68.7 at the time of this report. The BTC price range comes as the US election results continue rolling in slowly from across the country.

Following the heightened volatility, more than $200 million was liquidated from the crypto-leveraged market, with over $148 million involving the long traders. The upcoming high-impact news from the United States in the coming days has significantly influenced the notable volatility in the crypto market.

Moreover, the crypto issue stood out in the US general elections for the first time since the Satoshi era. According to a recent survey, the majority of crypto investors and registered American voters prefer a candidate who is pro-crypto to shape the industry in the coming years.

As for the presidential race, Republican presidential candidate Donald Trump was leading Democratic presidential candidate Kamala Hsrris on the Polymarket poll by more than 22% as of this report. It is worth noting that Trump has received major backing from the crypto community for his promises to protect the industry from predatory regulators and the US SEC.

Bitcoin Whales Take a Step Back

In addition to the US 2024 elections, which will have a major impact on the crypto market, the Bank of England (BoE) and the Federal Reserve are expected to release their benchmark interest rates on Thursday. Wall Street analysts forecast another rate cut for the US and England in a bid to bolster the respective economies.

As a result, more crypto investors have been taking shelter through the stablecoins market in a bid to protect their capital from short-term volatility and uncertainties. According to on-chain data analysis by Coinglass, the overall supply of Bitcoin on centralized exchanges increased by nearly 6k in the last seven days to about 2.39 million.

On Monday, the US spot BTC ETF issuers continued with last Friday’s cash outflows amid rising fear of heightened crypto volatility. Apart from BlackRock’s IBIT which registered a net cash inflow of about $38 million on Monday, the tests of the US spot BTC ETF issuers registered a net cash outflow of over $541 million.

Meanwhile, Mt. Gox registered the highest on-chain activity in the last two months after transferring Bitcoins worth over $2.1 billion to an unmarked wallet.

What’s Next?

The crypto market is expected to remain in a bullish outlook for the next quarters after consolidating in the last eight months. Based on previous US elections and crypto bull markets, Bitcoin price has a higher chance of continuing with the October bullish sentiment.

However, the bullish sentiment could be invalidated or delayed if Bitcoin price consistently closes below the support range between $61k and $65k in the coming weeks.

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