Spot Bitcoin exchange-traded funds in the United States saw significant outflows on Dec. 19, totaling $680 million, as Bitcoin dipped below $96k amidst the Federal Reserve’s cautious stance on future interest rate cuts.
SoSoValue data revealed that 12 spot Bitcoin ETFs experienced outflows of $680 million, breaking a 15-day streak of inflows that had brought in over $6.7 billion into the funds.
The largest outflow was from Fidelity’s FBTC, which saw $208.55 million exiting the fund. This was followed by Grayscale Bitcoin Mini Trust and ARK 21Shares’ ARKB, with outflows of $188.6 million and $108.35 million, respectively. Other noteworthy outflows included:
- Grayscale’s GBTC: $87.86 million
- Bitwise BITB: $43.61 million
- Invesco Galaxy’s BTCO: $25.97 million
- VanEck’s HODL: $10.91 million
- Valkyrie’s BRRR: $8.19 million
However, WisdomTree’s BTCW was an outlier, attracting $2.05 million in inflows. BlackRock’s IBIT and two other BTC ETFs reported no changes in flows for the day.
Despite the outflows, trading volume in Bitcoin ETFs surged to $6.31 billion, up from the previous day’s $5.86 billion.
The drop in Bitcoin’s price to below $96,000, down 4.4% at $96,751, was largely attributed to the Federal Reserve’s interest rate decision.
Following a 0.25% rate cut, officials signaled a cautious approach with only two more cuts planned for 2025. This led to a 4.5% decline in the overall cryptocurrency market, which stood at $3.51 trillion.
Ethereum ETFs Experience Declines in Flow
Spot Ethereum ETFs also faced challenges, with outflows totaling $60.47 million and breaking an 18-day streak of inflows.
Grayscale’s ETHE saw the largest outflow of $58.13 million. Bitwise’s ETHW, Grayscale Ethereum Mini Trust, and Invesco’s QETH also experienced outflows of $6.78 million, $3.18 million, and $2.36 million, respectively.
On the other hand, Fidelity’s FETH and VanEck’s ETHV managed to attract inflows of $5.05 million and $4.94 million, partially offsetting the overall trend.
Despite the daily outflows, cumulative net inflows for Ethereum ETFs remained positive at $2.4 billion. Ethereum’s price dropped by 8.1% to $3,378 per coin, reflecting the bearish sentiment in the market.