David Edwards
According to CoinGlass statistics, BlackRock’s iShares Bitcoin Trust ETF (IBIT) saw its largest one-day withdrawal, with $188.7 million taken out on December 24, exceeding the $72.7 million taken out on December 20 three days before. The withdrawals follow a larger pattern, as over the past four trading days, U.S.-based spot Bitcoin ETFs have lost a total of $1.52 billion.
The 12 U.S. spot Bitcoin ETFs experienced outflows totaling $338.4 million on Christmas Eve alone, indicating a difficult time for the funds.
Bitcoin vs. Ether ETFs: Differing Trends
Ether ETFs seem to be gaining investor trust whereas Bitcoin ETFs are having trouble. After receiving $130.8 million the day before, U.S. spot Ether ETFs reported an inflow of $53.6 million on December 24. Following a minor break in an earlier 18-day inflow streak, this represents the continuation of a recovery trajectory.
In contrast to the robust momentum witnessed with Bitcoin ETFs earlier in the year, Ether ETFs originally saw a lackluster level of interest since their July introduction. But since late November, ether exchange-traded funds (ETFs) have become more popular, indicating a shift in market mood.
Mixed Results for the Main Bitcoin ETFs
Notable withdrawals from Bitcoin ETFs on December 24 were the ARK 21Shares Bitcoin ETF, which witnessed outflows of $75 million, and the Fidelity Wise Origin Bitcoin Fund, which saw $83.2 million. Contrary to the general trend, Bitwise’s Bitcoin ETF was able to draw in $8.5 million in fresh inflows.
Important Lessons and Market Attitude
The performance difference between Bitcoin and Ether ETFs suggests that investor tastes may be changing. The recent increase in Ether ETF inflows indicates rising optimism in Ethereum’s market possibilities as 2024 draws near, notwithstanding the challenges facing Bitcoin ETFs.
