U.S. Bitcoin ETFs shed $1.2 billion in three-day outflow streak, longest since election
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 which helped spur significant increases in the price of bitcoin and other cryptocurrencies.
The twelve spot Bitcoin ETFs available on U.S. markets have logged a total of $1.18 billion in outflows over the past 3 trading days, according to SoSoValue data, which along with bitcoin's declining price, decreased the total value held in the funds by $10.7 billion between the end of the trading days on Wednesday, Dec. 18 and Monday, Dec. 23.
The funds held just over $105 billion worth of 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 seen yet, at $121.7 billion.
While funds such as Fidelity's FBTC logged outflows all three days, with Fidelity's fund 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 coming to an end, 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 is not yet available, as the trading day is still ongoing.)
Ethereum ETFs hold steady
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 is also on the rise, with a 5% gain in the last 24 hours, according to The Block's Ethereum Price Page .
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Assessing if Avalanche’s growing network activity can spur AVAX’s price recovery
Berkshire's stock hits a new high amid tech plunge as return to yen bonds sparks heated "increase positions in Japan" discussion
Berkshire Hathaway has hired banks to prepare for its first yen bond issuance since April, aiming to raise more funds in Japan. According to sources familiar with the matter, Berkshire has mandated Mizuho Securities and Bank of America Securities for a potential benchmark yen bond issuance, which is expected to take place in the near future, though the exact timing will depend on market conditions.
Nomura's monopoly is being challenged! Mizuho (MFG.US) is reshaping Japan's underwriting landscape with global IPOs
Mizuho is establishing a solid foothold in Japan's equity capital market by leveraging a unique and highly profitable track: on one hand, it is tapping into the strong demand for AI financing from the US market, and on the other, connecting with the vast domestic household savings in Japan.
Crypto prices
More
