Bitcoin exchange-traded funds (ETFs) in the U.S. saw their second-largest day of outflows on Nov. 4, just before the country’s highly anticipated election.

According to CoinGlass, the 11 spot Bitcoin ETFs recorded a net outflow of $541.1 million. BlackRock’s iShares Bitcoin Trust ETF (IBIT) was the only one to secure inflows, totaling $38.4 million.

This marks the largest outflow day for Bitcoin ETFs since May 1, when $563.7 million was withdrawn after Bitcoin dropped 10.7% to $60,000.

Ahead of the Nov. 5 U.S. election, Bitcoin traders are trimming their positions, causing Bitcoin to fall 4.6% over the past week and 1.7% in the last 24 hours, settling around $68,000. The Fidelity Wise Origin Bitcoin Fund (FBTC) experienced the largest outflow at $169.6 million, followed by ARK’s 21Shares Bitcoin ETF (ARKB) with $138.3 million.

Nov. 4 also marked the second consecutive trading day of outflows after seven days of consistent inflows, as reported by CoinGlass.

Grayscale’s two Bitcoin funds collectively faced $153.2 million in outflows. The Grayscale Bitcoin Trust (GBTC) lost $63.7 million, while its smaller counterpart recorded $89.5 million in outflows, representing the fifth and third largest outflows for the day, respectively.

In the prior week ending Nov. 1, U.S. Bitcoin funds had a net inflow of $2.2 billion, though it ended with a $55 million outflow.

CoinShares head of research, James Butterfill, noted that inflows were driven by optimism for a potential Republican victory. “As polls have turned, we saw minor outflows on Friday, highlighting how sensitive Bitcoin is to the U.S. elections at present,” he explained.

The election polls show Kamala Harris and Donald Trump nearly tied, with Harris holding a slight 1.2-point lead as of Nov. 4, according to FiveThirtyEight. Meanwhile, on crypto betting platform Polymarket, Trump’s odds dipped from 67% on Oct. 30 to 59% on Nov. 3.

The Republican candidate remains favored by the crypto industry, with some traders speculating that a Trump victory could propel Bitcoin to $100,000.