Bitcoin saw sudden downside at the Wall Street open as stocks witnessed a snap sell-off, reversing post-election gains.

Bitcoin outperformed the S&P 500 in half of the past 90 US trading sessions, while historical midterm data highlights gains for stocks.

Fidelity led Bitcoin ETF inflows, while BlackRock’s IBIT shed another $201 million, extending its outflow streak to four trading sessions.

Bitcoin climbed toward $80,500 as risk assets rallied on Democrats’ midterm election gains and oil prices fell.

SEC staff’s no-action letter covers CC earned by running infrastructure and applications, but is not a binding ruling on its legal status.

Zach Pandl highlighted institutional custody safeguards as crypto markets recovered some losses following the record $6.3 billion Binance hack.

Bitwise’s André Dragosch attributed Bitcoin ETF outflows to weaker market sentiment, saying institutions have largely maintained their exposure.

Bitcoin price downside reached a seven-week-low of $75,618 as 24-hour crypto long liquidations neared $300 million.

THORChain has restored trading on Bitcoin, Ethereum and several other networks following a refund bug, while three chains remain paused.

Bitcoin made modest gains at the start of Wall Street trading on Tuesday as markets awaited cues from the US midterm elections.