US Bitcoin ETFs shed $1.2 billion in three-day outflow streak, longest since election
Quick Take
- U.S.-based spot Bitcoin ETFs have seen outflows totaling nearly $1.2 billion over the past three trading days, the longest outflow streak since the re-election of Donald Trump in November.
- Ethereum ETFs have traded mostly sideways over the same period, seeing a net outflow of merely $5 million over the past three trading days.
U.S.-based spot Bitcoin ETFs have largely given back the inflow gains made since early December following a three-day outflow streak totaling nearly $1.2 billion in value.
The three-day outflow streak is the longest since the three days leading up to the re-election of former President Donald Trump to the presidency, an event that helped spur significant increases in the price of bitcoin and other cryptocurrencies.
The 12 spot Bitcoin ETFs available in U.S. markets recorded a total of $1.18 billion in outflows over the past three trading days, according to SoSoValue data. Combined with bitcoin's declining price, this reduced the total value held in the funds by $10.7 billion between the close of trading on Wednesday, Dec. 18, and Monday, Dec. 23.
The funds held just over $105 billion in value at the end of the trading day on Monday, a touch higher than the $103.9 billion the funds held at the beginning of December. Dec. 16 saw the funds set the record for their highest total value, at $121.7 billion.
While some funds logged outflows all three days, with Fidelity's FBTC shedding over $426 million alone, some funds bucked the trend; BlackRock's IBIT, for example, saw only one day of outflows and one day of no motion, with only $41 million worth of outflows logged in total.
The outflow streak may be ending, as bitcoin's price rebounded on Tuesday, gaining nearly 6% in 24 hours, according to The Block's Bitcoin Price Page. (ETF inflow data for Tuesday was not available at the time of publication.)
Meanwhile, spot Ethereum ETFs have largely traded sideways over the same period, according to SoSoValue data. Total outflows just outpaced total inflows by $4.83 million, though the value of the assets held in the funds declined by $1.1 billion between Dec. 18 and 23.
ETH's price has also been on the rise, with a 5% gain in the last 24 hours, according to The Block's Ethereum Price Page.
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