As a seasoned crypto investor with a knack for deciphering market trends, I must admit that the recent outflows from Bitcoin ETFs have caught my attention. With over $1.5 billion in outflows since December 19, it’s hard not to notice the shift in sentiment. However, as someone who’s been through multiple crypto winters and springs, I’ve learned to keep a cool head during these turbulent times.
yesterday, the largest single-day withdrawal was recorded for BlackRock’s Bitcoin exchange-traded fund (ETF), marking a fourth consecutive trading day with outflows exceeding $1.5 billion in total from Bitcoin funds.
On December 24th, the BlackRock iShares Bitcoin Trust ETF (IBIT) experienced a flow of funds totaling $188.7 million in withdrawals, breaking its previous record of $72.7 million set on December 20th, as indicated by data from CoinGlass.
Over the past few days leading up to Christmas, a combined total of $338.4 million was withdrawn from all 12 Bitcoin ETFs in the U.S. Since December 19th, these funds have experienced collective net withdrawals amounting to $1.52 billion.
Ether ETF inflows continue
On December 24th, both the Fidelity Wise Origin Bitcoin Fund and the ARK 21Shares Bitcoin ETF experienced outflows worth $83.2 million and $75 million respectively. Contrastingly, the Bitwise Bitcoin ETF was the only one to record an inflow of $8.5 million on that day.
Meanwhile, Ether ETFs experienced two consecutive days of inflows in the lead-up to Christmas.
US Ethereum (ETH) exchange-traded funds (ETFs) maintained their positive trend on December 24th, with an additional $53.6 million in investments, following a $130.8 million influx the previous day.
Initially introduced in July, the Ether funds experienced a gradual beginning contrasting with the robust initial surge observed by Bitcoin spot ETFs following their debut in January.
Nevertheless, starting from late November, there has been a surge of interest in Ether ETFs, marked by an uninterrupted 18-day period of inflows which came to an end on December 18th.
Ether set to perform BTC in January
At the time of this writing, Bitcoin was being traded at approximately $98,035, representing a 4.59% increase in the last 24 hours. Meanwhile, Ether was trading at around $3,420, marking a 3.28% rise over the same period, as per CoinMarketCap data.
According to TradingView, the value of Ether compared to Bitcoin (ETH/BTC ratio) stands at approximately 0.035 at present. Certain experts predict that Ether could potentially surpass Bitcoin’s performance by the end of January 2025.
For the very first time on December 16, as revealed by K33 Research, the total value of assets in U.S.-based Bitcoin Exchange-Traded Funds (ETFs) exceeded that of gold funds.
On December 16th, the combined value of Bitcoin funds in the U.S. exceeded $129 billion in assets managed (AUM), surpassing the amount held by U.S. gold ETFs, which were slightly below that mark, as reported by K33 Research’s research head, Vetle Lund.
According to Eric Balchunas, an analyst at Bloomberg ETF, the AUM (Assets Under Management) encompasses both traditional Bitcoin ETFs that deal directly with BTC and also ETFs that follow Bitcoin’s performance through financial instruments like futures contracts.
This piece is intended to provide a broad understanding; it’s not meant to serve as legal or financial guidance. The perspectives, beliefs, and viewpoints shared are solely those of the writer, and may not align with those held by CryptoMoon.
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2024-12-25 08:49