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Bitcoin investors are battening down the hatches ahead of the U.S. presidential election. Bitcoin exchange-traded funds saw a net outflow of $541 million yesterday — the second-biggest daily withdrawal since launching.
The selloff comes right after the ETFs logged one of their largest weekly inflows last week. Investors grew bullish as polls pointed to a potential Republican triumph. But as odds shifted, profits got locked in.
“With the election down to the wire, it’s no surprise we’re seeing some profit-taking and repositioning,” said James Butterfill of CoinShares.
Rachael Lucas, a crypto analyst, expects the turbulence to continue in the short term. “Markets are anticipating fireworks as the election results roll in,” she said. “Uncertainty reigns supreme right now.”
Bitcoin currently trades around $68,700, a slight drop over 24 hours. But historical data shows Bitcoin often rallies after U.S. elections regardless of outcome. This time, a Trump win could boost Bitcoin to $90,000, per Bernstein analysts. A Harris victory, however, may sink it to $50,000.
