Bitcoin experienced a significant gain of 14% in October, with the market optimism largely driven by the possibility of Donald Trump returning as the President of the United States, a known supporter of cryptocurrencies.
However, this bullish sentiment wasn't mirrored in the Bitcoin Spot ETFs, which encountered notable turbulence on November 1st when they faced an outflow of $54.9 million. This development reversed a trend of persistent inflows that had been established over the previous weeks.
Amid this turmoil, even BlackRock’s highly regarded IBIT fund – which has been a popular choice for investors looking at institutional crypto investment avenues – failed to attract any new inflows during this period. This lack of interest in Bitcoin ETFs before the upcoming US election pointed to possible investor caution and market volatility.
The scenario exemplifies the unpredictable nature of cryptocurrency investments, particularly around significant political events such as national elections.
