Source: Wall Street See

The day before the official start of voting in the US presidential election, the Bitcoin ETF in the USA saw a record high single-day net outflow of funds, and traders are preparing for potential market volatility on election day.

Bloomberg statistics show that on Monday, 12 Bitcoin ETFs managed by Blackrock, Fidelity, and other companies experienced an astonishing net outflow of capital reaching 0.5795 billion US dollars, setting a new historical record.

The pricing of Bitcoin options on the CME shows that the 30-day implied volatility of Bitcoin has reached the highest level since August (following the 'Black Monday' in the US stock market), indicating that the expected volatility of Bitcoin on the day after the election will reach around 8%, four times the normal level.

Caroline Mauron, co-founder of Orbit Markets, a digital currency derivatives liquidity provider, mentioned that the market currently has not priced in the volatility after November 7, indicating that the market expects quick election results. Given the close poll results, this could be an optimistic prediction.

Bitcoin prices have risen nearly 60% this year, outperforming assets such as stocks and gold. In March this year, driven by the inflow of funds into US ETFs, Bitcoin once reached a historical high of $73,798.

In terms of the election, Trump openly supports cryptocurrencies, while Harris promises to support a regulatory framework for digital assets with a cautious attitude.

In stark contrast to Biden's attitude towards industry, both positions have sparked optimism in the cryptos community. However, Trump's embrace of the industry has made bitcoin one of the "Trump trades" on Wall Street.

Editor / jayden