Spot Bitcoin exchange-traded funds in the United States continued to see outflows on December 30, as Bitcoin struggled to stay above $93,000. SoSoValue data revealed that 12 spot Bitcoin ETFs experienced $426.13 million in outflows on that day, marking the second consecutive day of significant outflows totaling $723.8 million.
Among the ETFs, Fidelity’s FBTC saw the highest outflows of $154.64 million, followed by Grayscale’s GBTC with $134.5 million leaving the fund. Other notable outflows were seen from BlackRock’s IBIT, Grayscale Bitcoin Mini Trust, Bitwise’s BITB, and ARK 21Shares’s ARKB, with $36.52 million, $31.73 million, $31.37 million, and $26.4 million withdrawn from the funds respectively. Valkyrie’s BRRR also experienced outflows of $10.96 million. Interestingly, none of the Bitcoin ETFs saw any inflows on that day.
The total daily trading volume for these investment products reached $3.14 billion on December 30, slightly higher than the previous day’s volume of $3.02 billion. However, the significant outflows coincided with Bitcoin’s failure to hold above $95,000, a crucial support level identified by analysts. This breakdown increased the risk of further price decline, potentially dropping as low as $60,000. Currently, Bitcoin is trading at $92,458 per coin, down 1% at press time.
In addition to Bitcoin ETFs, Ethereum ETFs also experienced outflows on December 30, with $55.41 million leaving the funds and ending a four-day inflow streak that brought $349.1 million into the ETFs. Fidelity’s FETH led the outflows with $20.41 million withdrawn, followed by Grayscale’s ETHE and mini Ethereum Trust with outflows of $17.36 million and $13.75 million respectively. Franklin Templeton’s EZET saw a smaller outflow of $3.88 million on the day.
The total trading volume for Ethereum ETFs stood at $336.26 million on December 30, slightly higher than the previous day’s volume of $324.32 million. Despite the record inflows over the month, Ether (ETH) has been unable to break free from its current downtrend, trading at $3,353 at press time, down 9% on the monthly chart.
Overall, the outflows in both Bitcoin and Ethereum ETFs reflect the current market sentiment and the challenges faced by major cryptocurrencies in maintaining their price levels in a volatile market environment. Investors continue to monitor these trends closely as they navigate the ever-changing landscape of digital asset investments.