Bitcoin: tense day ahead of US election

By Daniele Corno

The big day is here, today the US Elections: outflows on spot ETFs and Mt Gox moves billions of dollars. Volatility expected on Bitcoin

ETFs dump profits

After weeks of positive records for Bitcoin spot ETFs , pre-election profits are drawn.

In fact, on yesterday’s day, over $540 million left the ETFs, the largest day of outflows, second only to May 1, 2024, with outflow volume of over $560 million.

The market expects high volatility, in fact, after days of record inflows, many investors dumped profit in anticipation of the U.S. Election results.

The day had negative flows on almost all products except Blackrock’s IBIT, which with about $40 million in inflows remains the only instrument in the green on the day.

Mt Gox moves $2.2 billion

On Monday also, a move out of the Mt. Gox wallet drew attention.

Although the deadline for creditor repayments has been pushed back to October 31, 2025, a suspicious movement accessed the spotlight again. After months of internal transfers and to and from exchanges, yesterday the Mt. Gox wallet moved more than $2.2 billion to two unclassified addresses, Arkham reported.

This is the largest movement in 3 months, with over 34,ooo Bitcoins moved.

Bitcoin waiting for Election results

Despite the large outflows and the attention raised by Mt. Gox, Bitcoin does not seem to be experiencing major shocks. The price is currently at a level of $68,700, up1 percent on the daily chart, awaiting the volatility the market expects.

Attention is indeed turned in the evening where, with the end of the polls the outcome of these U.S. Elections is expected. Currently polls have Republican candidate Trump ahead in almost all undecided states except Minnesota and Virginia.