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Highlights
- Bitcoin ETFs recorded $284 million in outflows on January 13.
- Ethereum ETFs experience fourth consecutive day of outflows.
- BlackRock stands out with inflows in both Bitcoin and Ethereum ETFs.
Bitcoin exchange-traded funds (ETFs) have been under pressure recently, recording a three-day streak of outflows. As Bitcoin (BTC) briefly dipped below the crucial $90,000 mark on January 13, ETFs focused on the digital asset saw significant withdrawals. The latest data from SoSoValue highlights that the 12 Bitcoin spot ETFs in the United States experienced net outflows amounting to $284.19 million that day alone, adding to a larger exit trend that surpassed $1 billion in the previous three days.
Leading the outflow charge is Fidelity's FBTC, which saw a withdrawal of $113.64 million, while ARK 21Shares' ARKB experienced an outflow of $92.36 million. Grayscale’s (GBTC) and Bitwise’s (BITB) funds also contributed to the trend, losing $89.01 million and $18.64 million, respectively. Despite this, BlackRock’s (IBIT) Bitcoin ETF stood apart, securing inflows of $29.46 million during this time. This brief rally helped offset the more dominant trend of withdrawals. The total trading volume for the 12 Bitcoin ETFs was recorded at $3.17 billion, a slight decline from the previous day's $3.26 billion.
The dip below $90,000 did not last long, as Bitcoin managed to recover slightly, rising by 1% to reach just above $95,000. Analysts are keeping a close eye on this price point as it serves as a key level of support for Bitcoin's potential to surpass the $100,000 threshold once again.
Ethereum ETFs are also under similar pressure, with nine Ethereum-focused ETFs seeing a fourth consecutive day of outflows on January 13, amounting to $39.43 million. Among the biggest contributors was Grayscale’s Ethereum Mini Trust, which saw an outflow of $37.84 million, adding to the negative momentum felt across these funds. Grayscale’s (GBTC) Ethereum exposure also saw a drop, losing $14.49 million on the same day.
Interestingly, BlackRock's (ETHA) Ethereum ETF showed resilience, experiencing an inflow of $12.9 million amid the broader withdrawal trend. Ethereum itself was down 1.9% at the time, trading at $3,175, reinforcing the challenging landscape for these crypto-based financial products.
In summary, the outflow trends observed across Bitcoin and Ethereum ETFs are a direct reflection of broader market risk-off sentiment, while BlackRock’s funds stand out as outliers in these tough market conditions. Investors remain vigilant as cryptocurrencies continue to navigate volatile market trends.
