Continued Outflows from Bitcoin ETFs

Spot Bitcoin ETFs in the United States experienced another wave of outflows on December 30, as Bitcoin failed to maintain a position above the $93,000 mark.

According to data from SoSoValue, 12 spot Bitcoin ETFs recorded total outflows of $426.13 million on December 30. This extended the streak of outflows to two consecutive days, with a cumulative withdrawal of $723.8 million over this period.

Largest Outflows: Fidelity and Grayscale

The largest outflow on December 30 was recorded by Fidelity's FBTC, with $154.64 million withdrawn from the fund. This was followed by Grayscale's GBTC, which saw an outflow of $134.5 million.

Other funds with notable outflows included:

  • BlackRock's IBIT: $36.52 million,

  • Grayscale Bitcoin Mini Trust: $31.73 million,

  • Bitwise's BITB: $31.37 million,

  • ARK 21Shares ARKB: $26.4 million,

  • Valkyrie's BRRR: $10.96 million.

None of the Bitcoin ETFs reported any inflows during the day.

The total daily trading volume for the 12 investment products amounted to $3.14 billion on December 30, slightly higher than the $3.02 billion recorded the previous day.

Bitcoin Under Pressure

The significant outflows occurred as Bitcoin failed to hold the critical $95,000 support level, as identified by analysts. This breakdown increased the risk of further price declines, with projections suggesting a drop to as low as $60,000.

At the time of writing, Bitcoin was trading at $92,458 per coin, reflecting a 1% daily decline.

Ethereum ETFs Also Facing Outflows

Outflows After Four Days of Inflows

Spot Ethereum ETFs also experienced outflows on December 30, with $55.41 million withdrawn from the funds. This marked the end of a four-day streak of inflows, during which $349.1 million had been added to the funds.

The largest outflow was recorded by Fidelity's FETH, with $20.41 million withdrawn. Other funds with notable outflows included:

  • Grayscale's ETHE: $17.36 million,

  • Grayscale Mini Ethereum Trust: $13.75 million,

  • Franklin Templeton's EZET: $3.88 million.

The total daily trading volume for these ETFs reached $336.26 million on December 30, slightly higher than the $324.32 million recorded the previous trading day.

Record Inflows in December

Despite the outflows, spot Ethereum ETFs achieved a significant milestone. In December, cumulative net inflows surpassed $2 billion, nearly doubling the $1 billion recorded in November, according to data from Farside Investors.

Ethereum Remains in a Downward Trend

Despite record monthly inflows, Ethereum has been unable to break free from its current downward trend. The largest altcoin lost 9% of its value over December and was trading at $3,353 at the time of writing.

This trend highlights that, despite growing interest in ETF products, the prices of Bitcoin and Ethereum remain under pressure as investors reassess their positions in cryptocurrency assets.

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