Spot Bitcoin exchange-traded funds (ETFs) in the United States experienced their third consecutive day of outflows, as Bitcoin struggled to regain momentum toward the $100,000 mark following the Federal Reserve’s hawkish stance on interest rates.
Data from SosSoValue reveals that on December 23, the 12 spot Bitcoin ETFs recorded a modest $226.56 million in inflows, but this came after a three-day streak of over $1.18 billion in outflows from these funds. The bulk of the outflows came from Fidelity’s FBTC, which saw $145.97 million withdrawn, while Grayscale’s GBTC followed with $38.39 million in outflows.
Other Bitcoin ETFs with negative flows included:
Invesco Galaxy’s BTCO: $25.56 million
Bitwise’s BITB: $23.75 million
ARK and 21Shares’s ARKB: $15.75 million
Grayscale Bitcoin Mini Trust: $6.18 million
VanEck’s HODL: $2.62 million
However, BlackRock’s IBIT was the only Bitcoin ETF to buck the trend, with inflows of $31.66 million, bringing its total net flows to $37.36 billion since its launch.
On December 23, the total trading volume for these Bitcoin ETFs stood at $3.52 billion, a decrease from the previous day’s $4.09 billion. Net inflows into the funds were reported at $35.83 billion at the time of writing.
The outflows from Bitcoin ETFs followed a 4% decline in Bitcoin’s price, dropping from a high of $96,386 to an intraday low of around $92,600. The decline was driven by a hawkish Federal Reserve rate cut, which tempered speculative enthusiasm in the crypto market, previously fueled by promises of crypto-friendly regulations under former President Trump and his support for a national Bitcoin reserve.
As of press time, Bitcoin was trading at $94,436 per coin, reflecting an 11.9% decline over the past week.
Ethereum ETFs See Strong Inflows
In contrast, spot Ethereum ETFs saw a rebound, recording $130.76 million in inflows on December 23, reversing a two-day streak of outflows that had seen $135.4 million leave the funds. BlackRock’s ETHA led the pack with inflows of $89.51 million, followed by Fidelity’s EFTH with $46.37 million. Bitwise’s ETHW saw more modest inflows of $963.72k, while Grayscale Ethereum Mini Trust was an outlier, with an outflow of $6.09 million.
The other Ethereum ETFs remained relatively neutral for the day. Ethereum, at press time, had gained 3.3% in the past 24 hours, trading at $3,412 per coin.
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