BlackRock’s Bitcoin ETF Sees Record Outflows as Funds Lose $1.5 Billion in 4 Days
BlackRock’s Bitcoin exchange-traded fund saw record outflows on Christmas Eve amid a four-day streak of outflows from U.S. bitcoin funds.
BlackRock’s Bitcoin ETF saw its largest single-day outflow ever, with Bitcoin funds recording a fourth straight trading day of outflows totaling over $1.5 billion.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) reached $188.7 million in outflows on Dec. 24, surpassing its previous record of $72.7 million set on Dec. 20, according to CoinGlass data.
All 12 Spot Bitcoins in the US
Bitcoin
Low indicators
$98,050
ETFs saw a combined net outflow of $338.4 million on Christmas Eve. Since Dec. 19, the funds have seen a combined net outflow of $1.52 billion.
IBIT flow data over the course of history shows rare days of outflows to the fund. Source: CoinGlass
ETF inflows continue
The Fidelity Wise Origin Bitcoin Fund and the ARK 21Shares Bitcoin ETF also saw outflows on December 24 of $83.2 million and $75 million, respectively, while the Bitwise Bitcoin ETF was the only one to see inflows of $8.5 million.
Meanwhile, ether exchange-traded funds (ETFs) saw two consecutive days of inflows in the run-up to Christmas.
Instant Ether in the United States
Ethereum
Low indicators
$3,487.32
ETFs continued their momentum with a second day of inflows on December 24, adding $53.6 million after inflows of $130.8 million on December 23.
Total net inflows of Ethereum spot ETFs. Source: CoinGlass
The Ether funds launched in July, and had a slow start compared to the strong early momentum that Bitcoin ETFs saw after their launch in January.
However, since late November, ETFs have been gaining momentum, having experienced an 18-day streak of inflows, which was broken on December 18.
Ethereum is about to outperform BTC in January
Bitcoin was trading at $98,035, up 4.59% in the last 24 hours, while ether was trading at $3,420, up 3.28% during the same time, according to CoinMarketCap data at the time of writing.
TradingView shows that the relative strength of Ethereum compared to Bitcoin — the ETH/BTC ratio — is currently 0.035. Some analysts say Ethereum could overtake Bitcoin in January 2025.
Related: Bitcoin Price Soars to $99.5K Hours After Record Bitcoin ETF Inflow
Meanwhile, net assets in U.S. bitcoin ETFs surpassed gold funds for the first time on Dec. 16, according to K33 Research.
On December 16, U.S. bitcoin funds collectively surpassed $129 billion in assets under management (AUM), surpassing U.S. gold exchange-traded funds, which were just below that figure, according to K33 Research’s head of research, Veitel Lund.
The assets under management figure includes spot bitcoin ETFs, as well as ETFs that track bitcoin’s performance using derivatives, such as futures, said Eric Balchunas, an ETF analyst at Bloomberg.
