Bitcoin exchange-traded funds (ETFs) continued their downward trend on December 24, recording net outflows totaling $175.29 million. This marks the sixth time in the last eight trading sessions that these funds have faced losses. Similarly, Ethereum ETFs experienced redemptions amounting to $52.70 million, according to data from SoSoValue.
The outflows from Bitcoin ETFs were notably led by BlackRock”s IBIT, which accounted for $91.37 million of the total, translating to a reduction of 1,040 BTC in its holdings. Despite this setback, IBIT remains the largest Bitcoin ETF, with cumulative inflows reaching $62.25 billion.
On a broader scale, total trading volume across all Bitcoin ETFs hit $1.57 billion, while their total net assets fell to $113.83 billion. Overall, Bitcoin ETFs have seen consistent outflows recently, beginning on December 18 with $161.32 million. Subsequent days followed with $158.25 million on December 19, $188.64 million on December 23, and now $175.29 million on December 24, culminating in a total asset decline from $118.27 billion on December 12.
In contrast, XRP and Solana ETFs managed to maintain positive flows, with inflows of $11.93 million and $1.48 million, respectively. This highlights a divergence in investor sentiment among different cryptocurrency ETFs.
Ethereum ETFs similarly faced a challenging landscape, with December 24 marking their third consecutive day of outflows. Grayscale”s ETHE led the losses with $33.78 million in redemptions, resulting in the shedding of 11,470 ETH. This product has seen a cumulative outflow of $5.08 billion and currently holds total assets worth $2.70 billion.
BlackRock”s ETHA also contributed to the losses, reporting $22.25 million in outflows and losing 7,560 ETH. Despite these challenges, Grayscale”s ETH recorded a slight positive flow of $3.33 million, adding 1,130 ETH to its cumulative inflows of $1.51 billion.
The recent trends in both Bitcoin and Ethereum ETFs underscore a significant shift in market dynamics, with investors increasingly skittish amid broader market conditions. As outflows continue, the focus will be on whether these trends will reverse or if further redemptions are on the horizon.
