In a surprising turn of events, BlackRock’s iShares Bitcoin Trust ETF (IBIT) has experienced its largest-ever single-day outflow, totaling $188.7 million on December 24th. This staggering figure surpasses the previous record of $72.7 million set on December 20th, as per data from CoinGlass.
Joint Total Outflows for US-Based Spot Bitcoin ETFs
On Christmas Eve, all 11 United States-based spot Bitcoin (BTC) ETFs collectively experienced joint total outflows of $338.4 million. Since December 19th, these funds have seen joint net outflows of $1.52 billion.
IBIT Flow Data: A Rare Outflow Day
The all-time IBIT flow data reveals that the fund has only experienced a handful of rare outflow days in its history. This significant outflow on December 24th raises questions about the performance and investor sentiment towards Bitcoin ETFs.
Ether ETF Inflows Continue
In contrast to the Bitcoin ETFs, Ether ETFs have seen two consecutive days of inflows leading up to Christmas. The Fidelity Wise Origin Bitcoin Fund and the ARK 21Shares Bitcoin ETF experienced respective outflows of $83.2 million and $75 million on December 24th, while the Bitwise Bitcoin ETF saw an inflow of $8.5 million.
Ether ETFs Gain Traction
Launched in July, Ether funds had a slow start compared to the strong early momentum seen by spot Bitcoin ETFs after their January launch. However, since late November, Ether ETFs have gained significant traction, having experienced an 18-day inflow streak that was broken on December 18th.
Ether Set to Outperform BTC in January?
According to some analysts, Ether may outperform Bitcoin in January 2025. TradingView data shows that the ETH/BTC ratio is currently at 0.035. This suggests that investors are becoming increasingly bullish about the prospects of Ether relative to Bitcoin.
Bitcoin and Ether Price Action
At the time of writing, Bitcoin was trading at $98,035, up 4.59% in the last 24 hours. In contrast, Ether was trading at $3,420, up 3.28% over the same period, according to CoinMarketCap data.
US Bitcoin ETFs Surpass Gold Funds
On December 16th, net assets in US Bitcoin ETFs surpassed those of gold funds for the first time. According to K33 Research, the collective AUM figure for US Bitcoin funds broke $129 billion on December 16th, surpassing the figure held by US gold ETFs.
AUM Figure Breakdown
The AUM figure includes spot BTC ETFs as well as those that track Bitcoin’s performance using financial derivatives, such as futures. According to Bloomberg ETF analyst Eric Balchunas, this milestone highlights the growing popularity and adoption of Bitcoin ETFs among investors.
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This article is for general information purposes only and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect those of Cointelegraph.
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