BlackRock’s iShares Bitcoin Trust ETF (IBIT) experienced its largest-ever single-day outflow on December 24, with investors pulling $188.7 million from the fund, according to data from CoinGlass. This surpassed the previous record set on December 20, when outflows totaled $72.7 million.
Bitcoin ETFs Experience Widespread Outflows
On the same day, U.S.-based spot Bitcoin ETFs collectively saw outflows of $338.4 million. Since December 19, these funds have faced net outflows amounting to $1.52 billion.
Among the impacted funds, the Fidelity Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF recorded significant withdrawals of $83.2 million and $75 million, respectively. Conversely, the Bitwise Bitcoin ETF was the only fund to register inflows, with an $8.5 million increase.
Ether ETFs Gaining Momentum
In contrast to Bitcoin ETFs, Ether ETFs have seen growing investor interest. U.S. spot Ether ETFs recorded inflows of $53.6 million on December 24, following a larger influx of $130.8 million the day prior. Launched in July, Ether ETFs initially trailed Bitcoin ETFs, which debuted earlier in January. However, Ether ETFs gained momentum in late November, marked by an 18-day streak of inflows that ended on December 18.
Bitcoin and Ether Performance
As of December 24, Bitcoin was trading at $98,035, reflecting a 4.59% increase in the last 24 hours, while Ether stood at $3,420, up 3.28%, according to CoinMarketCap. Some analysts predict that Ether could outperform Bitcoin in the early months of 2025.
Notably, on December 16, U.S. Bitcoin ETFs surpassed gold ETFs in assets under management (AUM) for the first time, reaching $129 billion. This figure includes both spot ETFs and those tracking Bitcoin performance through derivatives, while gold ETFs held slightly less, according to K33 Research and Bloomberg.
BlackRock Suggests Bitcoin Allocation for Portfolios
BlackRock has recommended that investors consider allocating up to 2% of their portfolios to Bitcoin, citing the cryptocurrency’s potential as a diversifying asset due to its historically lower correlation with traditional asset classes. With Bitcoin trading near $99,000, BlackRock has emphasized that while Bitcoin could offer an alternative source of returns, it also presents significant risks.
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