 Trump trade over? Bitcoin, Ethereum ETFs see first outflow since election 
2024-11-15

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 BTCUSD saw a drop over the day and is down 2% over the last 24 hours at $88,200. 
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.
Meanwhile, US spot Ether (ETH) 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.