Bitcoin Continues to Rumble Ahead of US Presidential Election

US BTC Spot ETF Records Net Outflow of 745.7 Billion Won on November 4
BTC and Altcoins Rebound Riding on Afternoon Low Buying Pressure
Expert "BTC to Show 8% Volatility Before and After US Election"

BTC continued to experience a volatile market environment as the uncertainty surrounding the US presidential election on November 5 persisted.

BTC fell to the $66,000 level in the morning due to the record net outflow from BTC spot exchange-traded funds (ETFs) in the US.

According to data from Factset Investor on November 5, the total net outflow from 11 BTC spot ETFs in the US was about $541.11 million (approximately 745.7 billion won) on November 4 (local time). This is the second-highest net outflow on record.

After the morning plunge driven by the net outflow from US BTC spot ETFs, BTC rebounded in the afternoon riding on the influx of low-price buying pressure. In the afternoon, BTC rebounded by about 1.7%, and many altcoins also rebounded by 2% following BTC's rebound.

Experts analyzed that BTC's price is fluctuating unstably due to the tension building up ahead of the US presidential election.

◇BTC = As of 4 pm on November 5, based on Upbit, the price of BTC is 958.1 million won. BTC dominance is 60.54%.

With the US presidential election approaching, it is forecast that BTC's volatility will further increase for the time being.

Caroline Morhen of Orbite Markets, a liquidity provider for derivative trading, said in an interview with Bloomberg on November 5, "BTC price is expected to change by around 8% in either direction the day after the vote."

However, she also said, "The premium on volatility will not be prominent after 7 days, which shows the market's view that the issue will be resolved quickly."

◇Rising Coins = As of 4 pm on November 5 based on Upbit, the cryptocurrency that recorded the largest increase compared to the previous trading day was BLUR, which rose about 5%.

The BLUR platform is building an ecosystem where Non-Fungible Token (NFT) traders and creators can generate more revenue by introducing a royalty system instead of transaction fees.

BLUR is used for rewarding ecosystem participants and governance, and token holders can participate in the platform's key decision-making through the BLUR decentralized autonomous organization (DAO).

◇Fear and Greed Index = The Cryptocurrency Fear and Greed Index provided by Alternative is at 70 points, entering the 'Greed' stage. The Greed stage is a period of high price volatility and trading volume, where prices are rising. There is a high possibility of forming a short-term peak, so caution is required when selling.