Bitcoin ETF year-end fund outflow reaches $387 million
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Bitcoin ETF outflow during Christmas week: 2024 performance remains strong
During the Christmas week, Bitcoin spot exchange-traded funds (ETFs) experienced their first weekly decline in a month, marking the worst week since September. Nevertheless, analysts generally believe that the performance of Bitcoin ETFs in 2024 will still be quite impressive, becoming a highlight of the ETF industry this year.
Bitcoin ETF outflows during Christmas
From December 23 to December 27, cryptocurrency-based investment products faced significant fund outflows, declining for three consecutive days. Despite this, the BTC ETF experienced a net inflow of $564.94 million at the beginning of the week, briefly rebounding on December 26. During Christmas, the price of Bitcoin briefly rose to the $98,000-$99,000 range, with inflows into BTC investment products reaching $475.5 million, making it the best-performing day during the previous consecutive declines.
However, Friday's outflow of $297.75 million offset this positive momentum, bringing the total outflow for the week to $862.69 million. In the last week of 2024, the net negative trading volume of Bitcoin ETFs was $387.54 million. Fidelity's FBTC became the biggest loser of the week, with a net outflow of $208 million on Friday, marking the second worst single-day performance of the month. BlackRock's IBIT followed closely with an outflow of $188.7 million.
Performance of ARK 21Shares and other funds
Compared to the outflowing Bitcoin ETFs, ARK 21Shares' ARKB fund performed strongly over the past seven days, recording the second largest fund inflow, with a total inflow of $186.9 million this week. Additionally, the FBTC fund also performed well last week, becoming the fund with the largest inflow, reaching $254.4 million on Thursday.
Year-end summary of Bitcoin ETFs
Despite some recent fund outflows, the overall performance this year remains strong. According to Bloomberg analyst Eric Balchunas, as of December 17, the total net assets of spot Bitcoin ETFs have approached the $128 billion of gold ETFs. He also mentioned that in just 11 months, cryptocurrency-based products have shown impressive performance, even reaching a scale comparable to gold ETFs.
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