Crypto market begins year with $310 million outflows from Bitcoin, Ethereum ETFs.
The first trading day of the year saw notable outflows from spot Bitcoin and Ethereum exchange-traded funds (ETFs), totaling over $310 million.
On Jan. 2, data from SoSoValue revealed that Bitcoin-focused ETFs experienced $242.3 million in outflows.
BlackRock’s iShares Bitcoin Trust (IBIT), the largest Bitcoin ETF, recorded its highest outflow since its inception, losing $332 million—or more than 3,500 BTC. This figure surpasses the previous record of $188 million set during the holiday season last year.
The latest outflow marks IBIT’s third consecutive trading day of losses, amounting to $392.6 million in the past week. Despite these challenges, IBIT remains the leading spot Bitcoin ETF, with total net inflows of $36.9 billion and assets under management nearing $53.5 billion.
While IBIT struggled, competitors showed resilience. Bitwise’s BITB, Fidelity’s FBTC, and Ark 21Shares’s ARKB reported inflows of $48.3 million, $36.2 million, and $16.5 million, respectively.
Meanwhile, Grayscale’s Bitcoin products recorded divergent fates on the day. Per the data, the firm’s smaller Bitcoin Mini Trust attracted $6.9 million in fresh capital, though its flagship GBTC fund saw outflows of $23.1 million.
As of Jan. 2, spot Bitcoin ETFs have a cumulative flow of $35 billion and hold $109 billion in assets.
Ethereum ETFs also faced challenges, recording a combined outflow of $77.5 million.
Bitwise’s ETHW fund led these losses with $56.1 million withdrawn, while Grayscale’s ETHE product followed, shedding $21.4 million.
Other Ethereum-linked ETFs, including BlackRock’s ETHA, reported no changes in fund flows for the day.
Ethereum-focused ETFs held a combined total of $2.58 billion in net inflows, with $12.4 billion in assets.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
Bitwise Asset Management pioneered the first cryptocurrency index fund and is the leading provider of rules-based exposure to the cryptoasset space..
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
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