A Record-Breaking Day for US-Based Spot Bitcoin ETFs
On Christmas Eve, December 24th, BlackRock’s iShares Bitcoin Trust ETF (IBIT) experienced its largest-ever single-day outflow, totaling $188.7 million. This staggering figure surpasses the previous record of $72.7 million set on December 20th, according to data from CoinGlass.
A Fourth Straight Trading Day of Outflows
This recent development marks a fourth consecutive trading day of outflows for US-based spot Bitcoin ETFs, with a total of $1.52 billion in net outflows since December 19th. The combined outflow figure for the 11 United States-based spot Bitcoin ETFs reached $338.4 million on Christmas Eve.
IBIT Flow Data: A Rare Occurrence
Historical flow data from CoinGlass reveals that IBIT’s rare outflow days are a relatively new phenomenon, with most of its previous outflows occurring in May and June of 2022.
Ether ETF Inflows Continue
In contrast to the Bitcoin ETFs, Ether ETFs experienced two consecutive days of inflows leading up to Christmas. The US spot Ether ETFs added $53.6 million on December 24th, following a $130.8 million inflow on December 23rd.
A Turning Point for Ether Funds?
Launched in July, the Ether funds had a slow start compared to the strong early momentum of spot Bitcoin ETFs after their January launch. However, since late November, the Ether ETFs have gained traction, with an 18-day inflow streak that was broken on December 18th.
Ether Set to Outperform Bitcoin?
According to some analysts, Ether may outperform Bitcoin in January 2025. With trading at $98,035 and a 4.59% increase over the last 24 hours (CoinMarketCap data), Bitcoin is currently trading higher than Ether ($3,420, with a 3.28% increase). TradingView shows that the ETH/BTC ratio is at 0.035, indicating a potential shift in market dynamics.
A New Milestone for US Bitcoin ETFs
On December 16th, net assets in US Bitcoin ETFs surpassed those of gold funds for the first time. With a total AUM of $129 billion, US Bitcoin funds collectively broke this new threshold, surpassing US gold ETFs, which held just shy of that figure.
A Growing Asset Class
The growing popularity and adoption of Bitcoin ETFs are likely driven by increasing investor interest in cryptocurrency as an asset class. This trend is reflected in the AUM figures mentioned earlier, with spot BTC ETFs making up a significant portion of this total.
A Promising 2025 Ahead?
With Ether funds gaining momentum and some analysts predicting that ETH may outperform Bitcoin in January 2025, it will be interesting to see how these trends continue into the new year. One thing is certain: the world of cryptocurrency is rapidly evolving, with increasing investor interest driving growth and adoption.
Investor Takeaways
- US-based spot Bitcoin ETFs saw a record-breaking single-day outflow on Christmas Eve.
- Ether ETFs experienced two consecutive days of inflows leading up to Christmas.
- Analysts predict that ETH may outperform BTC in January 2025.
- Net assets in US Bitcoin ETFs surpassed those of gold funds for the first time on December 16th.
Related Reading
BTC price stampedes to $99.5K hours after record Bitcoin ETF outflow
This article is for general information purposes only and should not be considered as investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect those of Cointelegraph.
Subscribe to Markets Outlook
Stay ahead of market trends with critical insights, analysis, and expertise delivered straight to your inbox every Monday. Explore our comprehensive coverage of cryptocurrency markets, trading strategies, and industry news.
Get Exclusive Insights
Delivered every Monday:
- Critical market analysis
- Expert opinions
- Insider knowledge
By subscribing, you agree to our Terms of Service and Privacy Policy.
Sources:
- CoinGlass data on IBIT flow
- CoinMarketCap price data for BTC and ETH
- TradingView’s ETH/BTC ratio
- K33 Research’s AUM figures
