Bitcoin ETF Outflows

U.S.-based spot Bitcoin ETFs have largely given back the inflow gains made since early December following a three-day outflow streak totaling nearly $1.2 billion in value.

The three-day outflow streak is the longest since the three days leading up to the re-election of former President Donald Trump, an event that spurred significant increases in the price of Bitcoin and other cryptocurrencies.

The twelve spot Bitcoin ETFs available on U.S. markets recorded a total of $1.18 billion in outflows over the past three trading days, according to SoSoValue data. Along with Bitcoin's declining price, this resulted in a decrease of total value held in the funds by $10.7 billion between the end of trading on December 18 and December 23.

The funds held just over $105 billion at the end of trading on December 23, slightly higher than the $103.9 billion at the beginning of December. December 16 saw the funds set a record for their highest total value at $121.7 billion.

Funds like Fidelity's FBTC experienced outflows all three days, shedding over $426 million, while BlackRock's IBIT logged only one day of outflows with a total of $41 million.

The outflow streak may be coming to an end as Bitcoin's price rebounded on Tuesday, gaining nearly 6% in 24 hours, according to The Block's Bitcoin Price Page. (ETF inflow data for Tuesday is not yet available, as the trading day is still ongoing.)

Ethereum ETFs Hold Steady

Meanwhile, spot Ethereum ETFs have traded sideways over the same period. Total outflows just outpaced inflows by $4.83 million, although the value of assets in the funds declined by $1.1 billion between December 18 and 23.

ETH's price is also rising, with a 5% gain in the last 24 hours, as reported by The Block's Ethereum Price Page.