Bitcoin Funds Experience Fourth Straight Trading Day of Outflows Totaling Over $1.5 Billion
The week leading up to Christmas has been a tumultuous one for Bitcoin funds, with BlackRock’s iShares Bitcoin Trust ETF (IBIT) experiencing its largest-ever single-day outflow on December 24.
Largest-Ever Single-Day Outflow
According to data from CoinGlass, BlackRock’s IBIT saw an astonishing $188.7 million in outflows on December 24, surpassing its previous record of $72.7 million set just four days prior on December 20. This marks the largest single-day outflow for the fund since its inception.
Joint Total Outflows Hit Record High
All 11 United States-based spot Bitcoin ETFs saw joint total outflows hit a record high of $338.4 million on Christmas Eve. Since December 19, these funds have collectively experienced joint net outflows of $1.52 billion.
Rare Outflow Days for IBIT
An analysis of the fund’s all-time flow data reveals that this is one of the rare instances where IBIT has seen significant outflows. Typically, the fund experiences inflows or modest outflows, making this event all the more notable.
Other Bitcoin ETFs Also Experience Outflows
Not to be left behind, other prominent Bitcoin ETFs also experienced outflows on December 24:
- The Fidelity Wise Origin Bitcoin Fund saw an outflow of $83.2 million.
- The ARK 21Shares Bitcoin ETF witnessed an outflow of $75 million.
- Only the Bitwise Bitcoin ETF bucked the trend, reporting a modest inflow of $8.5 million.
Ether ETFs Experience Consecutive Days of Inflows
In contrast to their Bitcoin counterparts, Ether ETFs have been enjoying a streak of consecutive days of inflows. On December 23 and 24, US spot Ether ETFs added a combined total of $184.4 million.
Launch in July
Since its launch in July, the Ether funds have had a slow start compared to the strong early momentum experienced by spot Bitcoin ETFs after their January debut. However, with an 18-day inflow streak that was broken on December 18, these funds are now gaining traction.
Ether Expected to Outperform Bitcoin in January
Some analysts predict that Ether may outshine Bitcoin in January 2025. With its relative strength index (RSI) currently at 0.035 and trading at $3,420, Ether’s prospects for the coming month appear promising.
Net Assets of US Bitcoin ETFs Surpass Gold Funds
On December 16, net assets in US Bitcoin ETFs surpassed those of gold funds for the first time, according to K33 Research. This milestone was reached when the collective AUM (assets under management) of these funds broke $129 billion, leaving US gold ETFs in its wake.
AUM Includes Spot BTC ETFs and Derivative-Tracking Funds
The AUM figure includes not only spot BTC ETFs but also those that track Bitcoin’s performance using financial derivatives like futures, according to Bloomberg ETF analyst Eric Balchunas.
