United States-based spot Bitcoin and Ethereum exchange-traded funds (ETFs) bled on Thursday, ending a run of inflows since Donald Trump was elected president on Nov. 5. 

Farside Investors shows the 11 Bitcoin ETFs together posted a net outflow of $400.7 million on Nov. 14 as Bitcoin ( BTC ) saw a drop on the day and was down 2% over the last 24 hours at $88,200. 

The only two funds to see positive flows were BlackRock’s iShares Bitcoin Trust ETF, which had $126.5 million worth of net inflows alongside a minor $2.5 million flow into the VanEck Bitcoin ETF.

Fidelity’s ETF posted the largest net outflow at $179.2 million, followed by $161.7 million from ARK and 21Shares joint ETF and $113.9 million from Bitwise’s fund. Grayscale’s ETF and mini ETF together saw outflows of $74.9 million.

It’s the first time the ETFs have posted outflows since Trump won the election, an event that kicked off a massive crypto rally that sent Bitcoin soaring about 30% to a peak of nearly $93,500 on Nov. 13.

Trump trade over? Bitcoin, Ethereum ETFs see first outflow since election image 0

Bitcoin rallied from around $68,000 on Nov. 5 to over $93,000, continuing to break new highs along the way. Source: TradingView

The ETFs last saw a joint outflow of $116.8 million on election day amid market uncertainty over who would take the presidency, with polls predicting a tight race between Trump and Democrat challenger Kamala Harris.

As the Republican candidate’s win became clear, the wider financial market rose on a “Trump trade” — spurred by his promises to boost the American economy.

The crypto market was similarly boosted by his pro-crypto promises, with the Bitcoin ETFs having their biggest-ever daily inflows on Nov. 7, hitting $1.37 billion — part of a six-day inflow streak that added $4.7 billion to the Bitcoin funds.

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Meanwhile, US spot Ether ( ETH ) ETFs also saw their first net outflow since Trump’s win, with $3.2 million net leaving the funds on Nov. 14, per Farside.

It capped a nearly $800 million inflow run since Nov. 4 — when the ETH funds last had an outflow. ETH was down almost 5% over the last 24 hours to trade under $3,100.

BlackRock’s iShares Ethereum Trust ETF saw $18.9 million inflows alongside a $900,000 inflow to Invesco’s ETH fund.

The Grayscale Ethereum Trust ETF was responsible for the bulk of outflows at $21.9 million.

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