- U.S. spot Bitcoin ETFs saw $142M in net outflows on Dec. 22.
- BlackRock’s IBIT still led with $6M in single-day inflows.
- Ethereum, Solana, and XRP ETFs all saw positive inflows.
On December 22 (ET), U.S. spot Bitcoin ETFs experienced a significant net outflow of $142 million, according to data from SoSoValue. This suggests that despite the growing institutional interest in crypto ETFs, investor confidence in Bitcoin ETFs has shown some signs of retreat.
Interestingly, BlackRock’s spot Bitcoin ETF (IBIT) recorded the highest single-day inflow among its peers, pulling in $6 million. This reflects a growing divergence in performance and sentiment between various Bitcoin ETFs, as some continue to attract capital while others see redemptions.
Ethereum and Altcoin ETFs Attract Capital
While Bitcoin ETFs faced a bearish day, Ethereum ETFs recorded net inflows of $84.59 million, showing that investor interest is shifting toward altcoins. This surge could be tied to the growing anticipation around Ethereum network upgrades and the potential approval of more Ethereum-related financial products.
Meanwhile, Solana spot ETFs brought in $7.47 million, and XRP spot ETFs saw an impressive $43.89 million in net inflows. These movements signal that investors are diversifying their exposure across the crypto sector, possibly hedging against Bitcoin’s short-term volatility.
What This Means for the Market
The mixed flows in the ETF market suggest a transitional phase for crypto investors. While Bitcoin ETF outflows point to some caution or profit-taking, the continued inflows into Ethereum, Solana, and XRP ETFs reflect an evolving appetite for altcoins and broader blockchain ecosystems.
Overall, this shift could influence near-term market trends, with Ethereum and other Layer 1 tokens gaining more spotlight. As 2024 approaches, the ETF market will likely remain a key indicator of institutional sentiment in the crypto space.
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