BlackRock’s Bitcoin ETF Sees Largest-Ever Single-Day Outflow
In a surprising turn of events, BlackRock’s iShares Bitcoin Trust ETF (IBIT) has experienced its largest-ever single-day outflow. According to data from CoinGlass, the fund saw an astonishing $188.7 million in withdrawals on December 24, eclipsing its previous record of $72.7 million set just four days prior.
A Record-Breaking Outflow
The outflows are part of a larger trend that has seen all 11 United States-based spot Bitcoin ETFs experience joint total outflows totaling $338.4 million on Christmas Eve. Since December 19, the funds have collectively seen joint net outflows of $1.52 billion.
Rarity of Outflow Days
A closer look at the fund’s all-time flow data reveals that outflow days are rare occurrences for IBIT. In fact, this is one of the few instances where the fund has experienced significant outflows in a single day.
Ether ETFs Continue to Attract Investors
In contrast to the Bitcoin ETFs, Ether ETFs have been experiencing a surge in popularity. The Fidelity Wise Origin Bitcoin Fund and the ARK 21Shares Bitcoin ETF saw respective outflows of $83.2 million and $75 million on December 24. However, it’s worth noting that the Bitwise Bitcoin ETF was an exception, as it experienced a small inflow of $8.5 million.
A Shift in Traction for Ether ETFs
The increased interest in Ether ETFs is a significant development, especially considering their slow start compared to the strong early momentum seen by spot Bitcoin ETFs after their launch in January. Since late November, however, the Ether funds have gained traction, having witnessed an 18-day inflow streak that was broken on December 18.
Ether Set to Outperform Bitcoin?
Analysts are taking note of the relative strength index (RSI) between Ether and Bitcoin, which has been steadily increasing. TradingView data shows that the ETH/BTC ratio is currently at 0.035, leading some experts to predict that Ether may outperform Bitcoin in January 2025.
A New Milestone for US Bitcoin ETFs
Another significant development is the fact that net assets in US Bitcoin ETFs have surpassed those of gold funds for the first time. According to K33 Research, on December 16, the collective AUM of US Bitcoin ETFs broke $129 billion, outpacing US gold ETFs.
A Shift in Market Dynamics
This milestone has significant implications for the market dynamics. As Eric Balchunas, a Bloomberg ETF analyst, notes, "The AUM figure includes spot BTC ETFs as well as ETFs that track Bitcoin’s performance using financial derivatives, such as futures."
Conclusion
In conclusion, the recent outflows from BlackRock’s iShares Bitcoin Trust ETF and the increased interest in Ether ETFs have significant implications for the market. As investors continue to navigate the ever-changing landscape of cryptocurrency investments, it will be essential to stay informed about these developments and their potential impact on the market.
Related Reading:
- BTC Price Surges to $99.5K After Record Bitcoin ETF Outflow: This article explores the recent surge in Bitcoin prices following a record-breaking outflow from BlackRock’s iShares Bitcoin Trust ETF.
- Women More Bullish About Blockchain Games Than Men: Web3 Gamer: This article highlights the growing interest in blockchain games, particularly among women, and its potential implications for the gaming industry.
Disclaimer
This article is intended to provide general information and insights into the cryptocurrency market. It is not meant to serve as investment advice or a recommendation to buy or sell any assets. The views expressed here are the author’s alone and do not necessarily reflect those of Cointelegraph.
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How to Stay Informed About Market Trends
To stay ahead in the fast-paced world of cryptocurrency investing, it’s essential to have access to reliable sources of information. Here are some tips on how to stay informed:
- Follow reputable news outlets: Stay up-to-date with market trends by following reputable news outlets like Cointelegraph.
- Join online communities: Engage with other investors and traders in online forums, social media groups, or Reddit channels dedicated to cryptocurrency investing.
- Attend webinars and conferences: Expand your knowledge by attending webinars, conferences, and workshops focused on cryptocurrency investing.
Conclusion
In conclusion, the recent developments in the cryptocurrency market have significant implications for investors. By staying informed about these trends and developments, you’ll be better equipped to make informed decisions and navigate the ever-changing landscape of cryptocurrency investments.
