BlackRock’s Bitcoin ETF Sees Largest-Ever Single-Day Outflow
On Christmas Eve, BlackRock’s iShares Bitcoin Trust ETF (IBIT) witnessed its largest-ever single-day outflow, surpassing its previous record of $72.7 million set on December 20. According to data from CoinGlass, the fund saw a staggering $188.7 million in outflows on December 24.
This massive outflow is part of a larger trend of net outflows experienced by Bitcoin ETFs over the past few days. Since December 19, all 11 United States-based spot Bitcoin ETFs have seen joint total outflows hit $338.4 million. Moreover, since December 19, these funds have seen joint net outflows of $1.52 billion.
Historical Data Shows Rare Outflow Days for IBIT
The all-time flow data from CoinGlass highlights the rarity of outflow days experienced by IBIT. The fund’s outflow records indicate a significant shift in investor sentiment towards Bitcoin ETFs.
Ether ETF Inflows Continue Momentum
In contrast to the outflows experienced by Bitcoin ETFs, Ether ETFs have seen two consecutive days of inflows leading up to Christmas. US spot Ether ETFs continued their momentum on December 24, adding $53.6 million after a $130.8 million inflow on December 23.
Launched in July, the Ether funds had a slow start compared to the strong early momentum that spot Bitcoin ETFs saw after their January launch. However, since late November, the Ether ETFs have gained traction, having seen an 18-day inflow streak that was broken on December 18.
Ether Set to Perform Well Against Bitcoin in January
Bitcoin was trading at $98,035, up 4.59% in the last 24 hours, while Ether was trading at $3,420, up 3.28% over the same time, according to CoinMarketCap data at the time of writing.
TradingView shows that Ether’s relative strength to Bitcoin – the ETH/BTC ratio – is currently at 0.035. Some analysts say that ETH may outperform Bitcoin in January 2025.
US Bitcoin ETFs Surpass Gold Funds in Net Assets
Net assets in US Bitcoin ETFs surpassed gold funds for the first time on December 16, according to K33 Research. On December 16, the US Bitcoin funds collectively broke $129 billion in assets under management (AUM), surpassing US gold ETFs.
The AUM figure includes spot BTC ETFs as well as ETFs that track Bitcoin’s performance using financial derivatives, such as futures, said Bloomberg ETF analyst Eric Balchunas. This significant milestone highlights the growing popularity of Bitcoin ETFs among investors.
Conclusion
In conclusion, the recent outflows experienced by BlackRock’s Bitcoin ETF and other US-based spot Bitcoin ETFs are a concern for investors. However, Ether ETFs have seen an uptick in inflows, indicating a potential shift in investor sentiment towards alternative cryptocurrencies.
As the crypto market continues to evolve, it is essential for investors to stay informed about the latest trends and developments. By understanding the performance of different ETFs and assets, investors can make more informed decisions about their investment portfolios.
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