BlackRock’s Bitcoin exchange-traded fund (ETF) experienced its largest single-day outflow ever, with the Bitcoin fund experiencing total outflows of more than $1.5 billion for four consecutive trading days.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) recorded outflows of $188.7 million on Dec. 24, surpassing the previous record of $72.7 million set on Dec. 20, per CoinGlass data.
All 12 U.S.-based spot Bitcoin (BTC) ETFs recorded total outflows of $338.4 million on Christmas Eve. Since December 19, these funds have recorded a joint net outflow of $1.52 billion.
Historical IBIT flow data shows rare outflow days for the fund. source: Coin Glass
Ethereum ETF inflows continue
Fidelity Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF also saw outflows of $83.2 million and $75 million, respectively, on December 24, while Bitwise Bitcoin ETF was the only ETF to see inflows amounting to $8.5 million.
Meanwhile, the Ether ETF experienced two consecutive days of inflows ahead of Christmas.
The U.S. spot Ether (ETH) ETF continued its momentum with second-day inflows on December 24, adding $53.6 million following $130.8 million inflows on December 23.
Total Ethereum spot ETF net inflow. source: Coin Glass
Launched in July, the Ethereum fund had a slow start compared to the strong initial momentum seen by the Bitcoin ETF since its launch in January.
However, since late November, the Ether ETF has gained traction, recording 18 consecutive days of inflows, which stopped on December 18th.
Ethereum is scheduled to carry BTC in January.
At the time of this writing, Bitcoin was trading at $98,035, up 4.59% over the past 24 hours, while Ethereum was trading at $3,420, up 3.28% over the same time, according to CoinMarketCap data.
TradingView shows that Ethereum’s relative strength against Bitcoin (ETH/BTC ratio) is currently at 0.035. Some analysts say ETH may surpass Bitcoin by January 2025.
relevant: After a record-breaking Bitcoin ETF outflow, BTC price skyrocketed to $99.5,000.
Meanwhile, according to K33 Research, the net assets of U.S. Bitcoin ETFs surpassed gold funds for the first time on December 16.
On December 16, U.S. Bitcoin funds surpassed $129 billion in total assets under management (AUM), surpassing U.S. gold ETFs, according to Vetle Lund, head of research at K33 Research.
The AUM figure includes not only spot BTC ETFs, but also ETFs that track Bitcoin’s performance using financial derivatives such as futures, said Bloomberg ETF analyst Eric Balchunas.
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