United States-based Bitcoin exchange-traded funds (ETFs) recorded their second-biggest day of outflows in history, just a day before the country heads into a tightly contested election.

The 11 spot Bitcoin BTC $68,868 ETFs saw a net outflow of $541.1 million on Monday, Nov. 4, with BlackRock's iShares Bitcoin Trust ETF (IBIT) the only one to secure inflows, at $38.4 million, per CoinGlass.

Bitcoin ( BTC ) traders are continuing to reduce their exposure to the leading cryptocurrency ahead of the US presidential election on Tuesday.

Bitcoin fell 4.6% over the last seven days to trade at $68,000 on Monday, while traders pulled a net $541.1 million from the 11 spot Bitcoin ETFs, as shown by data from CoinGlass.

It marks the second-biggest outflow day for the ETFs this year, trailing only the $563.7 million in outflows seen on May 1 after Bitcoin fell 10.7% over a week to hit $60,000.

Bitcoin traders have been largely bullish on the markets throughout 2020, with seven straight trading days of inflows into the ETFs last week, hitting $2.2 billion. However, outflows began on Friday after a massive rally in the markets saw Bitcoin rise to highs around $69,000.

CoinShares head of research James Butterfill said that the inflows for most of the week were driven by “euphoria around the prospect of a Republican victory.”

“As polls have turned, we saw minor outflows on Friday, highlighting how sensitive Bitcoin is to the US elections at present,” he added.

Kamala Harris and Donald Trump are essentially tied in the polls, with Harris leading by 1.2 percentage points according to FiveThirtyEight data from Nov. 4.

Trump’s odds of taking the presidency on crypto betting platform Polymarket also saw a sharp correction, with his odds dipping to a low of 53.8% on Nov. 3 after peaking at 67% days earlier on Oct. 30. His winning odds now sit at just over 59%.

The Republican candidate is the crypto industry’s favorite to win due to his pro-crypto stance, with some traders speculating that Bitcoin could hit $100,000 if he again takes the White House.