BlackRock’s Bitcoin exchange-traded fund (ETF) has recorded its largest-ever single-day outflow, reflecting a broader trend of significant withdrawals from Bitcoin funds.
The iShares Bitcoin Trust ETF (IBIT) saw outflows of $188.7 million on 24 December 2024, surpassing its previous high of $72.7 million just days earlier, according to CoinGlass data.
The outflows are part of a larger wave of withdrawals that have swept across US-based spot Bitcoin ETFs. Collectively, these funds experienced outflows totaling $338.4 million on Christmas Eve alone, with net outflows reaching $1.52 billion over four consecutive trading days.
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More ETF Funds See Outflows
Among other Bitcoin ETFs, the Fidelity Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF reported significant outflows of $83.2 million and $75 million, respectively, on December 24. Bitwise Bitcoin ETF, however, bucked the trend with a modest inflow of $8.5 million.
While Bitcoin funds faced a challenging period, Ether-focused ETFs have seen contrasting momentum. U.S. spot Ether ETFs recorded inflows for two consecutive days leading up to Christmas, with $53.6 million added on December 24 following a $130.8 million inflow the previous day.
Ether ETFs, launched earlier this year, initially lagged behind Bitcoin ETFs but have gained traction since late November, breaking an 18-day inflow streak on December 18.
Good morning,
Yesterday's Bitcoin ETF flows were negative for $338.4 million.
Blackrock had its biggest outflow with $188.7 million, Fidelity did $83.2 million and Ark $75 million.
Price recovered from $94k to $99k. Not much to add.
Merry Christmas.source: @FarsideUK pic.twitter.com/fQyoZrtihx
— WhalePanda (@WhalePanda) December 25, 2024
As of December 24, Bitcoin was trading at $98,035, reflecting a 4.59% increase in 24 hours, while Ether rose 3.28% to $3,420, according to CoinMarketCap.
Analysts note that Ether’s relative strength against Bitcoin, represented by the ETH/BTC ratio at 0.035, could signal a potential outperformance by ETH in early 2025.
In a broader context, Bitcoin ETFs recently surpassed gold funds in net assets under management (AUM) for the first time. As of December 16, U.S. Bitcoin funds reached $129 billion in AUM, edging past gold ETFs, according to K33 Research.
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Digital Asset Investment Products Show Resilience
Digital asset investment products saw inflows of $308 million last week, despite significant volatility. The largest single-day outflow of $576 million occurred on December 19th, contributing to a total of $1 billion in outflows during the last two days of the week.
These movements were influenced by the FOMC’s hawkish dot plot, which triggered market corrections and reduced total assets under management (AuM) for digital asset ETPs by $17.7 billion, according to a report by CoinShares.
However, the $1 billion outflow represented only 0.37% of total AuM, making it the 13th largest single-day outflow on record, far less significant than the mid-2022 outflow of 2.3% of AuM.
Bitcoin displayed notable resilience, ending the week with net inflows of $375 million despite mid-week outflows. Interestingly, there was minimal activity from short-bitcoin investors.
Multi-asset investment products experienced the most dramatic shifts, with $121 million in outflows, as investors appeared to favor selective investments in altcoins like XRP ($8.8 million), Horizen ($4.8 million), and Polkadot ($1.9 million).
Ethereum attracted $51 million in inflows last week, demonstrating steady investor interest, while Solana faced $8.7 million in outflows.
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