BlackRock’s Bitcoin exchange-traded fund (ETF) experienced its largest-ever single-day outflow as Bitcoin funds recorded more than $1.5 billion in total outflows over four consecutive trading days.

According to CoinGlass data, BlackRock’s iShares Bitcoin Trust ETF (IBIT) saw $188.7 million in outflows on December 24, surpassing its previous record of $72.7 million on December 20.

On Christmas Eve, the total outflows from 12 US-based spot Bitcoin ETFs reached $338.4 million.

Since December 19, these funds have seen a total of $1.52 billion in net outflows.

All-time IBIT Flow Data Shows The Fund’s Rare Outflow (red) Days

Inflows Into Ether ETFs Continue

The Fidelity Wise Origin BTC Fund and ARK 21Shares BTC ETF saw outflows of $83.2 million and $75 million, respectively, on December 24, while the Bitwise BTC ETF was the only one to record an inflow, with $8.5 million.

Meanwhile, Ether ETFs experienced consecutive days of inflows leading up to Christmas.

US spot Ether ETFs continued their momentum with $53.6 million in inflows on December 24, following a $130.8 million inflow on December 23.

Total Ethereum Spot ETF Net Inflow

Launched in July, the Ether funds had a slow start compared to the strong early momentum seen by spot BTC ETFs after their January launch. However, since late November, Ether ETFs gained traction, experiencing an 18-day inflow streak that ended on December 18.

Ether Is Set To Outperform Bitcoin in January

According to CoinMarketCap data, at the time of writing, Bitcoin was trading at $98,035, up 4.59% in the last 24 hours, while Ether was trading at $3,420, up 3.28% over the same period.

TradingView data shows that Ether’s relative strength to Bitcoin is currently at 0.035. Some analysts suggest that Ether may outperform Bitcoin in January 2025.

Meanwhile, on December 16, the net assets of US Bitcoin ETFs surpassed gold funds for the first time, according to K33 Research.

On December 16, US Bitcoin funds collectively surpassed $129 billion in assets under management (AUM), overtaking US gold ETFs, which held slightly less, according to K33 Research’s head of research, Vetle Lund.

Bloomberg ETF analyst Eric Balchunas:

AUM figure includes spot BTC ETFs as well as ETFs that track Bitcoin’s performance using financial derivatives, such as futures.

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Bitcoin just blasted past $51,000 this morning, reclaiming its $1 trillion market cap throne for the first time since December 2021.

Fueling this bullish ascent is the sustained optimism surrounding the king of crypto, with options traders placing bets on reaching a whopping $75,000 within months. But that’s not all! Some are even eyeing a more audacious target – $64,000 in the coming weeks.

And what’s driving this renewed enthusiasm? Look no further than the growing popularity of spot Bitcoin exchange-traded funds (ETFs). Products like BlackRock’s IBIT, which raked in nearly $500 million in net inflows yesterday, are attracting substantial buying pressure.

So, is this just the beginning of another epic bull run for Bitcoin? While that remains to be seen, one thing’s for sure: the excitement in the crypto market is palpable. But remember, even the most bullish predictions shouldn’t replace your own research and responsible investing practices. Stay informed, make smart choices, and enjoy the ride!

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