BlackRock’s Bitcoin ETF Sees Record Outflow as Funds Bleed $1.5B in 4 Days
BlackRock's Bitcoin Exchange-Traded Fund (ETF) saw the largest single-day outflow as bitcoin funds saw outflows totaling more than $1.5 billion for the fourth straight trading day.
BlackRock's iShares Bitcoin Trust ETF (IBIT) hit $188.7 million in outflows on Dec. 24, surpassing the previous record of $72.7 million set on Dec. 20, according to CoinGlass data.
All 12 US-based Bitcoin (BTC) ETFs had a combined total of $338.4 million in spending on Christmas Eve. As of December 19, the funds have seen a combined net inflow of $1.52 billion.
The all-time IBIT flow data shows the fund's rare exit dates. Source: CoinGlass
Ether ETF earnings continue.
The Fidelity Wise Origin Bitcoin Fund and the ARK 21Shares Bitcoin ETF also saw withdrawals of $83.2 million and $75 million respectively on December 24, while the Bitwise Bitcoin ETF was the only one to gain $8.5 million.
Meanwhile, Ether ETFs experienced two consecutive days of inflows in the run-up to Christmas.
US spot Ether (ETH) ETFs continued their second day of inflows on Dec. 24, adding $53.6 million after $130.8 million on Dec. 23.
Total Ethereum Spot ETF Net Income. Source: CoinGlass
The Ether Fund, which launched in July, had a slow start compared to the strong early momentum that Bitcoin ETFs saw after their January launch.
However, since late November, Ether ETFs have gained traction, seeing an 18-day streak of outflows broken on December 18.
Ether is set to outperform BTC in January.
Bitcoin was trading at $98,035, up 4.59% in the last 24 hours, Ether at $3,420, up 3.28% over the same period, according to CoinMarketCap data.
TradingView shows the relative strength of Ether – the ETH/BTC ratio – currently at 0.035. Some analysts say that ETH may surpass Bitcoin in January 2025.
Related: BTC Price Drops to $99.5K After Bitcoin ETF Exits Recorded
Meanwhile, net assets in U.S. Bitcoin ETFs surpassed gold funds for the first time on Dec. 16, according to K33 Research.
On December 16, US Bitcoin funds collectively broke $129 billion in assets under management (AUM), surpassing US gold ETFs, which were just shy of that figure, according to Vettel Lund, head of research at K33 Research.
The AUM figure includes the Spot BTC ETF and ETFs that track Bitcoin's performance using financial derivatives such as futures, said Bloomberg ETF analyst Eric Balchunas.
Magazine: Women Are More Nervous About Blockchain Games Than Men: Web3 Gamer
This article is not intended for general information purposes and should not be construed as legal or investment advice. The views, ideas and opinions expressed herein are solely those of the author and do not necessarily represent the views and opinions of Cointelegraph.
