Key Takeaways
After three weeks of consistent net inflows, U.S. spot Bitcoin and Ethereum exchange-traded funds (ETFs) experienced a sharp reversal.
On Dec. 19, volatile market conditions led to significant outflows, halting a historical streak that had buoyed both asset classes in recent weeks.
Bitcoin ETFs recorded a staggering $680 million in net outflows, marking their worst single-day performance to date. This ended a 15-day streak of inflows totaling $6.7 billion, which had begun on Nov. 27.
Among the 12 listed Bitcoin ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) remained notably steady, with zero net flow on the day. Despite the turmoil, IBIT’s cumulative net inflow stood strong at $37.04 billion, with total net assets valued at $53.39 billion.
Fidelity’s Wise Origin Bitcoin Fund (FBTC) bore the brunt of the sell-off, recording the largest net outflow at $208.53 million.
FBTC’s cumulative net flow now stands at $12.09 billion, while its total assets dropped to $19.82 billion, just $200 million shy of overtaking Grayscale’s Bitcoin Trust (GBTC).
Other significant outflows included:
Interestingly, GBTC remains the only fund with a cumulative net outflow, now totaling $21.2 billion. However, its total assets have grown slightly, reaching $20.04 billion.
Ethereum ETFs similarly faced a net outflow of $60.47 million, breaking their own 18-day net inflow streak. The streak had brought optimism to the market, but Dec. 19 marked a shift in sentiment.
BlackRock’s iShares Ethereum Trust (ETHA) maintained a neutral position with no net flows on the day, keeping its cumulative inflows at $3.45 billion and total assets at $3.54 billion.
While most funds saw outflows, Fidelity’s Ethereum Fund (FETH) and VanEck Ethereum Strategy ETF (ETHV) managed to buck the trend with modest net inflows of $5.05 million and $4.94 million, respectively. FETH’s cumulative assets reached $1.39 billion, while ETHV’s total net inflow now stands at $127.9 million.
On the other hand, Grayscale’s Ethereum Trust (ETHE) recorded the largest net outflow among Ethereum ETFs, with $58.31 million exiting the fund. Its cumulative net outflow now stands at $3.62 billion.