How Bitcoin Looks Heading Into a High-Stakes US Midterm Election Week

Bitcoin fell below $77,000 on Oct. 30 and recovered above $78,000 on Monday as it entered the week before the Nov. 3 U.S. midterm elections, while U.S. spot Bitcoin ETFs recorded $643.2 million in outflows on Oct. 30. The week ended with about $202 million in net withdrawals from Bitcoin ETFs, and Ethereum funds lost $431.4 million over five trading days. The market was also digesting Binance’s recovery from a record $6.3 billion hack; customers withdrew a net $3.64 billion, and Binance said withdrawals were stabilizing and about 95% of stolen assets had been replaced. The midterms will determine control of Congress and could affect the CLARITY Act, a proposed crypto regulatory framework that failed to advance in the Senate in September.