Bitcoin Fund Net Outflows Reach $1.52 Billion Since December 19
In a significant development in the cryptocurrency market, BlackRock’s iShares Bitcoin Trust ETF (IBIT) saw its largest-ever single-day outflow on Christmas Eve, with a staggering $188.7 million in outflows surpassing its previous record of $72.7 million set just four days prior. This outflow marks the fourth consecutive trading day where Bitcoin funds have seen net outflows totaling over $1.5 billion.
United States-Based Spot Bitcoin ETFs See Joint Total Outflows of $338.4 Million
According to data from CoinGlass, all 11 United States-based spot Bitcoin (BTC) ETFs saw joint total outflows reach a significant milestone on Christmas Eve: $338.4 million. Since December 19, these funds have collectively experienced net outflows of $1.52 billion.
Rare Outflow Days for IBIT
An examination of the all-time flow data for IBIT reveals that the fund’s rare outflow days are becoming increasingly common. This trend suggests a shift in investor sentiment towards Bitcoin ETFs, which may be indicative of a broader market shift.
Ether ETF Inflows Continue Despite Overall Market Trends
Contrary to the trend seen in Bitcoin funds, Ether (ETH) ETFs experienced two consecutive days of inflows leading up to Christmas. On December 24, these ETFs saw an influx of $53.6 million following a $130.8 million inflow on December 23.
Launched in July, Ether Funds Have Gained Momentum
Since their launch in July, the Ether funds have seen a significant increase in traction, particularly since late November when they began an 18-day streak of inflows that was only broken on December 18.
ETH May Outperform BTC in January, Analysts Predict
As of this writing, Bitcoin is trading at $98,035 with a 4.59% gain over the last 24 hours, while Ether is trading at $3,420 with a 3.28% increase over the same period. The ETH/BTC ratio, as seen on TradingView, stands at 0.035. Some analysts suggest that ETH may outperform BTC in January 2025.
US Bitcoin ETFs Surpass Gold Funds in Net Assets
In a significant milestone for the cryptocurrency market, net assets in US Bitcoin ETFs surpassed those of gold funds for the first time on December 16. According to data from K33 Research, the collective AUM of US Bitcoin funds reached $129 billion on this date, outpacing US gold ETFs.
AUM Includes Spot BTC and Derivative-Based Funds
The AUM figure includes both spot BTC ETFs as well as those that track Bitcoin’s performance using financial derivatives such as futures. This development underscores the growing popularity of cryptocurrency investment products among investors.
Disclaimer:
This article is for general information purposes only and should not be considered as legal or investment advice. The views expressed in this article are the author’s alone and may not reflect the opinions of Cointelegraph.
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