The 12 U.S. spot bitcoin ETFs recorded $680 million in outflows with the broader crypto market continuing to face a downturn.
Biggest Outflow Day for Bitcoin ETFs
The broader crypto market downturn finally caught up with exchange-traded funds (ETFs) with U.S. spot bitcoin ETFs registering a total net outflow of $680 million on Dec. 19. This marked the highest single day outflow for bitcoin ETFs and the first net outflow in 15 days.
Fidelity’s FBTC led the outflow with $208.55 million flowing out of its ETF. Both Grayscale’s BTC & GBTC registered outflows of $188.6 million and $87.86 million respectively, while Bitwise’s BITB closed out the top four outflows, shedding $43.61 million.
Despite the significant outflow, Wisdomtree’s BTCW still managed to pull in $2.05 million while Blackrock’s IBIT didn’t record any outflow/inflow.
Ethereum spot ETFs mirrored the outflow trend total with a total net outflow of $60.4677 million, ending an 18-day inflow streak. Grayscale’s ETHE and ETH funds led the way with respective outflows of $58.13 million and $3.18 million.
Bitwise’s ETHW contributed to the outflows with $6.78 million leaving the fund while Invesco’s QETH closed out the outflows with $2.36 million. It wasn’t all doom and gloom for Ethereum ETFs, as Fidelity’s FETH and Vaneck’s ETHV saw inflows of $5.05 million and $4.94 million each.
The outflows from bitcoin and ethereum ETFs could be a pointer to investors adopting a conservative approach in light of the recent market turbulence. However, the overall outlook for ETFs remain positive with investors likely to scale back in, once the market stabilizes.
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