The cryptocurrency market is off to a turbulent start to the new year as spot Bitcoin exchange-traded funds (ETFs) in the US saw significant outflows, reflecting heightened investor caution.
On December 30, 2024, 12 spot Bitcoin ETFs reported a total outflow of $426 million, extending a two-day streak that resulted in total outflows of $723 million, according to SoSoValue data.
Important withdrawals from large funds
Fidelity’s Wise Origin Bitcoin Fund (FBTC) saw the largest outflow with a loss of $154.64 million, followed by Grayscale’s Bitcoin Trust (GBTC), which recorded $134.5 million in withdrawals. Despite being hailed as “the largest ETF launch of 2024” by BlackRock, the iShares Bitcoin Trust (IBIT) suffered its tenth outflow since its inception with withdrawals of $36.52 million. Other funds, including Bitwise’s BITB, Grayscale’s Bitcoin Mini Trust and ARK 21Shares Bitcoin ETF, also suffered significant outflows.
Source: TradeDucky about X
Valkyrie’s Bitcoin Strategy ETF (BRRR) saw comparatively lower withdrawals of $10.96 million. None of the Bitcoin ETFs reported inflows on the day.
Ethereum ETFs follow the trend
This outflow trend extended further to Ethereum spot ETFs, as the asset class recorded $55.4 million in net outflows on December 30, ending four straight days of inflows. Among these, the single most affected asset, Fidelity’s Ethereum Fund, saw outflows worth $20.41 million, followed by Grayscale’s Ethereum Trust and Mini Ethereum Trust, which saw outflows of $17.36 million and $17.36 million, respectively . recorded $13.75 million.
While the last two were withdrawals,…
