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Bitcoin ETFs record total daily outflow of $54.94 million as BTC hovers at $69,000

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The U.S. Bitcoin spot exchange-traded funds have recorded a daily outflow of $54.94 million as of Nov. 1, and Ethereum follows suit with a $10.93 million outflow.

The latest data from SoSoValue shows that the U.S. Bitcoin (BTC) spot ETFs exhibited a $54.94 million outflow on Nov. 1.

The one-day net inflow of IBIT stood at $0. According to the data, the cumulative net inflow of IBIT stood at $26.14 billion.

On the other hand, GBTC exhibited a $5.51 million outflow, which has brought its cumulative net inflow to -$20.16 billion.

FBTC, ARKB, and BITB showcased a net outflow of $25.64 million, $24.13 million, and $5.64 million, respectively.

Bitcoin ETFs record total daily outflow of $54.94 million as BTC hovers at $69,000 - 1
US BTC Spot ETF inflow data from SoSoValue

Grayscale Bitcoin Mini Trust is the only one that enjoyed an inflow of $13.51 million. This has brought its cumulative net inflow as of Nov. 1 to $502.07 million.

The majority of the Bitcoin ETFs reported outflows primarily rather than inflows. The cumulative total net inflow of all Bitcoin ETFs came around $24.15 billion as of Nov. 1.

Ethereum ETFs record $10.93 million in outflow

In comparison to Bitcoin ETFs, Ethereum (ETH) ETFs also recorded a negative outflow date with $10.93 million. The cumulative total net inflow also stood at -$491.44 million as per SoSoValue data.

Interestingly, ETHE is the only Ethereum ETF that recorded an outflow of $11.43 million. This brought its cumulative net inflow to -$3.13 billion.

Other ETFs, including ETHA, ETH, FETH, ETHW, ETHV, and EZET, stood at $0 with no inflow or outflow.

QETH, on the other hand, enjoyed over $502,000 in inflow, bringing its cumulative net inflow to $25.82 million.

The poor inflow comes when the overall crypto market cap has plunged to $2.32 trillion. Bitcoin price has dropped to the $69,400 level, while Ethereum has gone down to the $2,490 level at press time.



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KYVE Network plummets, Undeads Games exhibit triple-digit

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KYVE Network has emerged as the top gainer as per the latest data with its 340% surge in the last 24 hours.

According to the latest data from CoinGecko, KYVE has shot up from a 24-hour low of $0.01307 to as high as $0.57877 but plummeted to $0.03183 at last check Sunday.

KYVE Network plummets, Undeads Games exhibit triple-digit gains - 1
Source: CoinGecko

A closer look at different timeframes shows that KYVE was up by 220% in the last seven days.

The price surge, and subsequent plummet, happened while the overall market was dumping. The latest data shows that the global crypto market cap is down by 2.5% in the last 24 hours.

One of the possible developmental reasons for the surge is the recent release of their beta testing phase 2.

Undeads Games rises close to 200%

The second token on the top gainers list is UDS, with a price surge of 190%. According to CoinGecko data, UDS is up from a 24-hour low of $0.1712, and to as high as $0.7597.

At press time, the token is trading at $0.5623 — roughly a 700% surge in the last seven days. This upward movement has helped UDS hit the $28.1 million market cap.

KYVE Network plummets, Undeads Games exhibit triple-digit gains - 2
Source: CoinGecko

However, the exact reason for the pump is unclear. There haven’t been any major announcements or project milestones that helped the coin achieve this price surge.

Bitcoin (BTC), which managed to climb above the $72,000 level a few days back, has reversed course in the last 24 hours.





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Trump’s Polymarket lead weakens, Bitcoin drops to $68,000

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Polymarket data shows Republican presidential nominee Donald Trump’s lead over his Democratic opponent, Vice President Kamala Harris, has weakened but remains dominant.

As per the data, the twice-impeached former president’s odds declined from 66.9% to 54%.

Meanwhile, Harris has seen a substantial increase in her chances, rising from 33.5% to 46.1%. This shift reflects changing market sentiment as Election Day, Nov. 5, approaches.

Trump's lead over Harris on Polymarket weakens, as Bitcoin drops to $68,000 - 1
Source: Polymarket

Built on the Ethereum blockchain, Polymarket allows its users to buy and sell shares in different real-world outcomes by betting a stablecoin (USDC), rather than more volatile cryptocurrencies.

According to the Wall Street Journal, a Polymarket gambler known as Théo is wagering more than $30 million on a Trump victory.

Iowa poll, Epstein tapes

The shift in momentum comes as the latest Des Moines Register/Mediacom poll results bode well for Harris.

According to Ann Selzer, a prominent American pollster known for being highly accurate, Harris leads Trump in Iowa by three percentage points.

According to the poll, Harris retained 47% support compared to Trump’s 44% among likely voters. This represents a major swing from September’s poll, which showed Trump having a 4-point advantage.

Selzer told Newsweek that the same methodology was used this year as in 2016 and 2020 — two years when Trump won Iowa.

Meanwhile, The Daily Beast recently published recordings from interviews author Michael Wolff conducted in 2017 with convicted sex trafficker Jeffrey Epstein.

Epstein, who spoke at length during the interviews about his decade-long friendship with Trump, died in August 2019 at a New York City prison, where he was awaiting trial.

Trump and Harris have varied crypto stances

The candidates’ positions on cryptocurrency regulation have become increasingly relevant to investors. Trump has emerged as a vocal supporter of crypto.

He has even made a public commitment to back cryptocurrency during a May event at Mar-a-Lago. Trump’s campaign’s decision to accept crypto donations further strengthens this pro-crypto stance.

Harris’s approach to crypto has been more measured. In September, she indicated her administration would support crypto as part of a broader strategy to enhance economic competitiveness.

While her statements have been less definitive than Trump’s explicit endorsements, Harris received an endorsement from Ripple(XRP) co-founder Chris Larsen, who donated over $11.8 million to her campaign.

Larsen told CNBC that he believes the Democratic candidate will take a completely different approach to crypto than President Joe Biden, who has been criticized for picking Gary Gensler to chair the U.S. Securities and Exchange Commission.

As state polls and Polymarket predictions continue to show volatility, Bitcoin’s (BTC) price has reflected the uncertain political environment.

This is evident from its recent price drop to $68,000. According to the latest data, the global crypto market cap has plunged by 1.95% to $2.28 trillion.

Bitcoin went as low as $67,300 but managed to climb above $68,000 at press time. Ethereum (ETH) is no exception, as it fell to the $2,400 level.

Bitcoin
Source: CoinGecko



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Donald Trump’s Sliding Victory Odds Hit Bitcoin Price (BTC)

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Since, though, Trump’s odds have been falling, as has the price of bitcoin and cryptocurrencies in general. At one point overnight, the former president’s victory chances declined to less than 53% (with Harris rising to above 47%). Alongside, bitcoin fell to as low as $67,600. At press time, during the U.S. morning hours Sunday, both Trump and bitcoin have come back a bit, with Trump sitting at 56% and bitcoin at $68,300, lower by more than 2% over the past 24 hours.



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