Bitcoin ETFs Lose $1.2B in 3 Days of Trading as Altcoins Outpace BTC

Institutional investors are getting cold feet as the crypto market correction deepens with US Bitcoin spot ETFs reversing a fortnight’s entry trend.

Over the past three days of trading, the eleven spot Bitcoin ETFs have lost $1.17 billion as the asset fell more than 14% from its all-time high a week ago.

As of Dec. 23, aggregate total outflows totaled $226.5 million, with Fidelity leading the exodus with an outflow of $146 million. Funds Bitwise, Ark 21Shares, Invesco, VanEck and Grayscale also saw outflows on Monday, but BlackRock bucked the trend with an inflow of $31.7 million.

Bitcoin ETF Daily Flow

Blackrock dollar flow: 31.7 million

For full details and disclaimers visit: https://t.co/04S8jMGl07

— Farside Investors (@FarsideUK) December 24, 2024

Bitcoin ETF Cooling

However, the total inflow to date of these institutional investment products is $35.8 billion, highlighting the huge demand for Bitcoin-based ETPs.

On December 24, investment firm Swan reported that BlackRock’s iShares Bitcoin ETF is now in the top 35 ETFs ever launched, with $53.3 billion in assets under management.

NEW: BlackRock’s $IBIT #Bitcoin The ETF is now in the top 35 of all ETFs ever with $53.3 million in AUM. From over 3,900 ETFs. In less than a year. bullish pic.twitter.com/j2j2hX0VHr

— Cigne (@Cigne) December 23, 2024

CoinShares analysis this week revealed that crypto-asset funds saw more than $1 billion in outflows between December 19 and 20.

ETF Shop President Nate Geraci saw the humorous side of last week’s Federal Reserve-induced market crash.

pic.twitter.com/a6FK40OEfB

— Nate Geraci (@NateGeraci) December 23, 2024

Spot Ethereum ETFs bucked the outflow trend with aggregate inflows of $130.8 million on Dec. 23, following two consecutive trading days of outflows last week, according to preliminary data from Farside Investors.

BlackRock again led the pack with $89.5 million in inflows for ETHA, followed by Fidelity with $46.4 million in inflows. There was very little activity for the other seven funds.

BTC Price Outlook

BTC’s correction has deepened to 14.5%, with the asset shedding another 1.5% on the day, hitting an intraday and monthly low of $92,442 during early trading in Asia on Tuesday.

However, Bitcoin rallied to regain the $94,000 level again at the time of writing, indicating that the decline may be slowing.

Altcoins fared better at the time of writing, with solid gains of over 4% for Binance Coin (BNB), Avalanche (AVAX), Chainlink (LINK), Sui (SUI), and Hedera (HBAR).

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