Net capital flow from Bitcoin ETF in the United States recorded three consecutive days of outflow before Christmas. Furthermore, these ETFs set a record for outflow in a single day, temporarily weakening Bitcoin's upward momentum.
However, Ethereum ETFs in the U.S. are showing positive signs with net inflows.
Bitcoin ETF Experiences Continuous Outflow for Three Days
Data from SoSoValue shows that the Bitcoin ETF experienced an outflow of nearly $1.2 billion in the last three trading sessions. Notably, December 19 saw an outflow reach $680 million, the highest in a single day since the Bitcoin ETF was approved.
"Such a significant outflow raises the question of whether this is just profit-taking or a structural shift in capital. The most likely explanation at this stage is profit-taking, but it’s worth monitoring market sentiment and institutional moves to confirm." Investor Antonio Zennaro commented.
Total Net Capital Flow of Bitcoin Spot ETF. Source: SoSoValue
Previously, the Bitcoin ETF recorded 15 consecutive days of net inflows, pushing total net assets from $100 billion to $121 billion. However, the recent three-day outflow has contributed to reducing total net assets to $105 billion.
Data from Coinglass reveals that Grayscale’s GBTC is the main contributor to the outflow, with a sale of 1,870 BTC in the last three trading sessions. This figure far exceeds the buying activity from BlackRock’s IBIT during the same period.
Total Net Capital Flow of Bitcoin Spot ETF (BTC). Source: Coinglass
Despite the net outflow over three days, investor sentiment towards Bitcoin remains strong. In December, the Bitcoin ETF surpassed the gold ETF in assets under management (AUM), signaling increasing confidence in digital assets from both institutional and individual investors.
Interestingly, while money flowed out of the Bitcoin ETF, the Ethereum ETF saw an influx of capital during trading on December 23. While the Bitcoin ETF experienced an outflow of $226 million, the Ethereum ETF attracted over $130 million in capital. Additionally, BlackRock’s Ethereum ETF now holds over 1,000,000 ETH.
Total Net Capital Flow of Ethereum Spot ETF. Source: SoSoValue
Many investors believe this could signal positive momentum for Ethereum and other altcoins, especially after the price of Ethereum dropped from $4,100 to nearly $3,100 in December.
"BlackRock’s Ethereum ETF currently holds over 1,000,000 ETH. This data, along with the fact that ETH is still consolidating below its all-time high, is an indicator of an altcoin season that we have not seen before." Investor Dan Gambardello commented.
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