Before this downturn, Bitcoin ETFs had enjoyed 15 days of steady inflows, boosting total net assets from $100 billion to $121 billion. However, the recent outflows have caused a dip, with net assets now standing at $105 billion.
Grayscale’s GBTC played a significant role in the outflows, selling 1,870 BTC over three days, according to Coinglass data. Meanwhile, BlackRock’s IBIT saw buying activity, but it wasn’t enough to offset the outflows.
Interestingly, while Bitcoin ETFs struggled, Ethereum ETFs recorded inflows during the December 23 session. Outflows from Bitcoin ETFs were $226 million in total, while Ethereum ETFs attracted more than $130 million. BlackRock’s Ethereum ETF now holds over 1 million ETH.
That could be a good sign for Ethereum and other altcoins for some investors. Ethereum, which has shed from $4,100 to almost $3,100 lately, could be building momentum as witnessed by the renewed inflows.
These trends point to changing dynamics in crypto investments as the year wraps up.
