On December 22, Bitcoin ETFs registered withdrawals of 142 million dollars as the capital of investors shifted to Ethereum, XRP, and Solana ETFs. However, the IBIT at BlackRock was inflow.
On December 22, there was a significant outflow of capital in Bitcoin ETFs. U.S. spot Bitcoin ETFs once again recorded net withdrawals of $142 million, signaling an obvious change in investor mood.
WuBlockchain published on X that SoSoValue data indicated the dismal outflow figures. Overall negative trend notwithstanding, the IBIT of BlackRock remained robust and reported a net inflow of 6 million dollars.
Source:WuBlockchain
Bitcoin trades at $87,362.53, down 2.4% over the past 24 hours. The leading cryptocurrency hit a high of $90,390 yesterday before declining. Bitcoin reached a low of $86,870 today, reflecting increased selling pressure. Market capitalization stands at $1.74 trillion, down 2.31%, while trading volume surged 38.58% to $42.76 billion.
Altcoin ETFs Capture Fleeing Capital
The key beneficiary of Bitcoin outflows became Ethereum ETFs. Spot Ethereum ETFs witnessed net inflows of $84.59 million on the same day, followed by XRP ETFs, which drew in new capital of $43.89 million.
Solana ETFs also entered the rotation, and the latest spot ETF entry collected $7.47M. The three altcoin ETFs collectively attracted $135.95 million of new investments.
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BlackRock Stands Alone Among Bitcoin Funds
The IBIT of BlackRock stands out in comparison to other Bitcoin ETFs, which encompass all the good flows in the category. Other significant Bitcoin ETFs either recorded neutral changes or negative changes.
This split highlights the leading role of IBIT. Although the market is more volatile in general, BlackRock continues to appeal to institutional investors, with its inflow of 6 million dollars sharply contrasting with the sector outflow of 142 million.
SoSoValue is a platform that traces real-time ETF flows across major cryptocurrencies and provides institutional-grade analytics to investment products in digital assets. This data is increasingly being used by investors to understand market sentiment changes.
Source: https://www.livebitcoinnews.com/bitcoin-etfs-bleed-142m-wheres-the-money-going/
