EddieJayonCrypto
3 Jan 25
On the first trading day of the year, Bitcoin and Ethereum exchange-traded funds (ETFs) experienced significant outflows, totaling over $310 million. BlackRock's iShares Bitcoin Trust (IBIT) recorded its highest outflow since its inception, losing $332 million (over 3,500 BTC), surpassing the previo...
Article Summary: On the first trading day of the year, Bitcoin ETFs experienced significant outflows, totaling over $310 million. BlackRock's iShares Bitcoin Trust (IBIT) lost over 3,500 BTC amid a price rally, marking its highest outflow since its inception. Despite this, IBIT remains the leading spot Bitcoin ETF with total net inflows of $36.9 billion and assets under management nearing $53.5 billion. Competing Bitcoin ETFs such as Bitwise, Fidelity, and Ark 21Shares showed resilience with inflows amidst BlackRock's outflows. Grayscale's Bitcoin products had divergent fates, with its smaller Bitcoin Mini Trust attracting fresh capital, while its flagship GBTC fund saw outflows. Ethereum ETFs also faced challenges, recording combined outflows of $77.5 million, led by Bitwise's ETHW fund. BlackRock's Ethereum ETF, ETHA, reported no changes in fund flows on the same day. Spot Bitcoin ETFs have a cumulative flow of $35 billion and hold $109 billion in assets, while Ethereum-focused ETFs had a combined total of $2.58 billion in net inflows, with $12.4 billion in assets. The article provides insights into the performance of different ETFs on the first trading day of the year and highlights the fluidity of fund flows within the cryptocurrency market.