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Bitcoin, Ether ETFs draw $128M as crypto rebounds after midterms

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Bitcoin, Ether ETFs draw $128M as crypto rebounds after midterms

Fidelity led Bitcoin ETF inflows, while BlackRock’s IBIT shed another $201 million, extending its outflow streak to four trading sessions.

US-listed spot Bitcoin and Ether exchange-traded funds (ETFs) snapped their outflow streaks on Wednesday as cryptocurrency markets rebounded following the US midterm elections.

Bitcoin (BTC) ETFs attracted $74.6 million on Wednesday, while Ether (ETH) funds added $53 million, according to SoSoValue data.

The turnaround ended three consecutive trading sessions of Bitcoin ETF outflows totaling $1.16 billion, while Ether ETFs snapped a seven-day outflow streak of $657 million.

Bitcoin rebounded above $80,000 and US stocks rallied following Democrats’ midterm election victories on Wednesday.

The latest batch of inflows followed a slowdown in withdrawals, from $399 million on Monday to $116 million on Tuesday.

Blackrock’s iShares Bitcoin Trust (IBIT) recorded another $201.2 million in outflows on Wednesday, extending its four-session outflow streak to $935.2 million, according to Farside Investors data. Fidelity’s Wise Origin Bitcoin Fund (FBTC), meanwhile, led inflows with roughly $237 million.

James Butterfill, head of research at digital asset manager CoinShares, said Bitcoin had largely priced in the possibility of a Democratic sweep before the election, leaving room for a relief rally as uncertainty eased. He cautioned against attributing too much of Bitcoin’s performance to the election outcome.

CK Zheng, co-founder of crypto hedge fund ZX Squared Capital and former global head of risk at Credit Suisse, pointed to monetary liquidity, institutional investment flows and broader investor appetite for risk as more immediate drivers of Bitcoin’s price.

Related: Trump-linked tokens lead crypto losses after Democrats sweep in the US midterms


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