Trump trade over? Bitcoin, Ethereum ETFs see first outflow since election
Spot crypto ETFs in the US have seen outflows for the first time since Donald Trump was elected, as both Bitcoin and Ethereum fell on the day.
United States-based spot Bitcoin and Ethereum exchange-traded funds (ETFs) bled on Thursday, ending a run of inflows since Donald Trump was elected president on Nov. 5.
Farside Investors shows the 11 ETFs together posted a net outflow of $400.7 million on Nov. 14 as Bitcoin BTC$87,669 saw a drop over the day and is down 2% over the last 24 hours at $88,200 for updates visit at Serialeturcesti.
The only two funds to see positive flows were BlackRock’s iShares Bitcoin Trust ETF (IBIT), which had $126.50 million worth of net inflows alongside a minor $2.5 million flow into the VanEck Bitcoin ETF (HODL).
Fidelity’s ETF posted the largest net outflow at $179.2 million, followed by $161.7 million from ARK and 21Shares joint ETF and $113.9 million from Bitwise’s fund. Grayscale’s ETF and mini ETF together saw outflows of $74.9 million.
It’s the first time the ETFs have posted outflows since Trump won the presidential election held on Nov. 5, an event that kicked off a massive crypto rally that sent Bitcoin soaring around 30% to a peak of nearly $93,500 as of Nov. 13.
The ETFs last saw a joint outflow of $116.8 million on election day amid market uncertainty over who would take the presidency, with polls predicting a tight race between Trump and Democrat challenger Kamala Harris.
As the Republican candidate’s win became clear, the wider financial market rose on a “Trump trade” — spurred by his promises to boost the American economy.
The crypto market was similarly boosted by his pro-crypto promises, with the Bitcoin ETFs having their biggest-ever daily inflows on Nov. 7, hitting $1.37 billion — part of a six-day inflow streak that added $4.7 billion to the Bitcoin funds.
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Meanwhile, US spot Ether ETH$3,038.02 ETFs have also seen their first net outflow since Trump’s win, with $3.2 million net leaving the funds on Nov. 14, per Farside.
It caps a nearly $800 million inflow run since Nov. 4 — when the ETH funds last had an outflow. ETH is down nearly 5% over the last 24 hours to trade under $3,100.
BlackRock’s iShares Ethereum Trust ETF (ETHA) saw $18.9 million inflows alongside a $900,000 inflow to Invesco’s ETH fund.
The Grayscale Ethereum Trust ETF (ETHE) was responsible for the bulk of outflows at $21.9 million.