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On November 4, the first trading day of the week, Bitcoin 
$107,773 ETFs experienced notable outflows. A total of $541 million was withdrawn, marking the second-largest daily exit in the history of ETFs. This movement is believed to be driven by increased market uncertainty linked to the upcoming U.S. elections.
Fidelity Records the Largest Outflows
Fidelity’s FBTC ETF recorded the largest outflow at $170 million. Other significant outflows included $138 million from the ARKB fund and $80 million from the BITB fund. Traders appear to prefer distancing themselves from potential market volatility related to the election and Federal Reserve decisions.
While most funds faced declines due to selling, BlackRock’s IBIT fund stood out with a net inflow of $38 million. This situation could indicate the unique positioning of BlackRock in the market.
ETF outflows also impacted Bitcoin prices. Bitcoin fell by 0.5% in the last 24 hours, dropping to $68,700. Over the weekly basis, it reached a low of $67,300. This trend suggests cautiousness in the markets ahead of significant economic and political developments in the U.S.
Trading Volume and Open Positions Increase
Bitcoin’s trading volume rose by 23.57% to reach $42 billion. Open positions also increased by 1.17%. Currently, Bitcoin’s market capitalization stands at $1.36 trillion. These figures indicate that while traders are adopting a cautious stance, they are not completely disengaged from the market.
Market participants anticipate that the U.S. elections and the Federal Reserve’s policy announcement on November 6 may escalate market volatility. Historically, Bitcoin has gained value in the long term after elections, but short-term movements can vary significantly based on election outcomes.
In light of these developments, it is recommended that traders closely monitor market trends and prioritize risk management. The future direction of Bitcoin and other cryptocurrencies may be shaped by the political and economic dynamics in the U.S.
