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crypto.news 2024-12-31 07:19:44

Bitcoin ETFs log continued outflows as BTC remains under $93k

Bitcoin ETFs log continued outflows as BTC remains under $93k

Spot Bitcoin exchange-traded funds in the United States continued to experience outflows on Dec. 30, with Bitcoin remaining below $93,000. According to data by SoSoValue, the 12 spot Bitcoin ETFs recorded $426.13 million in outflows on Dec. 30 extending their outflow streak to two consecutive days that saw $723.8 million leave the funds. Fidelity’s FBTC saw the highest outflows of the day with $154.64 million withdrawn from the fund while Grayscale’s GBTC followed with an outflow of $134.5 million. Additional outflows were seen from BlackRock’s IBIT, Grayscale Bitcoin Mini Trust, Bitwise’s BITB and ARK 21Shares’s ARKB saw $36.52 million, $31.73 million, $31.37 million and $26.4 million leave the funds respectively. Valkyrie’s BRRR also saw a modest outflow of $10.96 million on the day. Reportedly none of the BTC ETFs saw any inflows on the day. The total daily trading volume for the 12 investment products stood at $3.14 billion on Dec. 30 slightly higher than the $3.02 billion seen the previous day. Meanwhile, the significant outflows seen on Monday came as Bitcoin ( BTC ) failed to maintain at $95,000 a key support level as identified by analysts. This breakdown increased the risk of the price tumbling further, potentially dropping as low as $60,000. The world’s largest crypto asset remains down by 1% exchanging hands at $92,458 per coin at press time. You might also like: Bitcoin price is crashing: technicals point to a 20% dip Ether ETFs also begin outflows The nine spot Ethereum funds also faced an outflow day on Dec. 30 with $55.41 million leaving the fund while ending their four-day inflow streak that had brought $349.1 million into the funds. Fidelity’s FETH led the lot with outflows of $20.41 million while Grayscale’s ETHE and mini Ethereum Trust saw outflows of $17.36 million and $13.75 million respectively. Franklin Templeton’s EZET saw a more modest outflow of $3.88 million on the day. The total trading volume for these investment vehicles stood at $336.26 million on Dec. 30 slightly higher than the $324.32 million seen the previous trading day. The total net inflows in these ETFs also stood at $2.62 billion since the launch date. The spot ETH ETFs achieved a new monthly milestone, surpassing $2 billion in cumulative net inflows in December. This figure nearly doubles November’s inflows, which totaled just over $1 billion, according to data from Farside Investors. Despite the record inflows over the month, Ether ( ETH ) has been unable to break free from its current downtrend . The largest altcoin was down 9% on the monthly chart, trading at $3,353 at press time. Read more: Ethereum could surge to $6K by Q1 2025 as multiple bullish patterns emerge

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