Bitcoin Exchange-Traded Fund (ETF) Sees Largest-Ever Single-Day Outflow
The BlackRock iShares Bitcoin Trust ETF (IBIT) witnessed its largest-ever single-day outflow, surpassing its previous record of $72.7 million set on Dec 20. According to CoinGlass data, the IBIT fund hit a staggering $188.7 million in outflows on Christmas Eve.
US Spot Bitcoin ETFs Experience Joint Net Outflows
All 11 United States-based spot Bitcoin (BTC) ETFs saw joint total outflows reach $338.4 million on Dec. 24, marking a significant downturn in the market. Since Dec. 19, these funds have collectively experienced joint net outflows of $1.52 billion.
Historical IBIT Flow Data Shows Rare Outflow Days
A closer look at the all-time IBIT flow data reveals that this event is one of the fund’s rare outflow days, highlighting the volatility of the cryptocurrency market.
Ether ETFs Experience Consecutive Inflows Ahead of Christmas
Bitcoin and Ether Trading Performance
Meanwhile, Bitcoin was trading at $98,035, up 4.59% in the last 24 hours, while Ether (ETH) was trading at $3,420, up 3.28% over the same time period, according to CoinMarketCap data.
Ether’s Relative Strength to Bitcoin
TradingView shows that the ETH/BTC ratio is currently at 0.035. Some analysts predict that Ether may outperform Bitcoin in January 2025, considering its relative strength and trading performance.
US Bitcoin ETFs Surpass Gold Funds in Net Assets
Historical Context of US Bitcoin ETFs
Net assets in US Bitcoin ETFs surpassed gold funds for the first time on Dec. 16, according to K33 Research. On Dec. 16, the collective AUM of US Bitcoin funds reached $129 billion, surpassing that of US gold ETFs.
Assets Under Management (AUM) Figure
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.
Conclusion
As the cryptocurrency market continues to experience volatility, it is essential for investors and analysts alike to monitor these trends closely. The recent record outflow of BlackRock’s IBIT fund and the surpassing of gold funds by US Bitcoin ETFs in net assets are significant events that warrant attention and analysis.
Sources:
- CoinGlass
- K33 Research
- CoinMarketCap
- TradingView
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Disclaimer:
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.
