Key Takeaways
- U.S. spot Bitcoin and Ethereum ETFs command a combined $121.87 billion net assets.
- Multi-asset investment products experienced high volatility and shed over $120 million in outflows last week.
- Bitcoin dominance is standing at 57.3%, close to its Nov. 2024 high of 60.1%
It’s the final week of 2024, and Bitcoin’s (BTC) performance has defied expectations. This month, it rallied above and beyond $100,000.
But, a recent price correction has brought it back under, which coincided with some sizeable outflows across institutional crypto products.
Bitcoin Dominance
The latest CoinShares report shows that crypto asset investment products maintained solid inflows despite a historical day of outflows totaling $576 million on Dec. 19, 2024.
Notably, U.S. spot Bitcoin exchange-traded funds (ETFs) accounted for most of the outflows in the last two days of the week, shedding a total of $956.93 million. Regardless, as per SoSoValue data, Bitcoin ETFs ended the week on a high note with a net inflow of $449.25 million.
Bitcoin’s rise above $100,000 was due to stop at some point, and according to CoinShares, the overall market price correction caused a $17.7 billion reduction in total assets under management across all digital asset ETPs.
CoinShares notes that much of these outflows and market corrections were related to the U.S. Federal Reserve’s “dot plot,” which projects hawkish interest rate adjustments for 2025.
Bitcoin’s dominance peaked at 60.1% on Nov. 21 and retreated back down to a year-low of 53.9% on Dec. 7. During this time, altcoins relished in some significant gains, which in turn have also corrected as BTC dominance has climbed back up to 57.3%.
Ethereum and Altcoins
Ethereum ETFs have been turbulent, shedding $135 million in net outflows on the final two days of last week following their record-breaking 18-day inflow streak.
Similarly to Bitcoin ETFs, ETH funds ended the week on a positive note, with $62.73 million in net inflows.
According to CoinShares, multi-asset investment products are also experiencing volatility after recording $121 million in outflows last week.
Notably, Solana products saw $8.7 million in outflows. Other altcoins did pretty well, with Ripple (XRP) netting $8.8 million, followed by Horizen’s (ZEN) $4.8 million, and Polkadot (DOT) with $1.9 million.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
