Data from SoSoValue shows that the 12 U.S.-listed spot bitcoin exchange-traded funds (ETFs) experienced a net outflow of $242.30 million on January 2, 2025, with BlackRock’s IBIT bearing the brunt, losing $332.62 million in a single day. Grayscale’s GBTC also shed $23.13 million, marking one of the most significant withdrawal days for the sector in recent memory.
Five Funds Buck the Trend
Despite the heavy outflows from IBIT and GBTC, five other bitcoin ETFs managed to attract capital. Bitwise’s BITB brought in $48.31 million, Fidelity’s FBTC added $36.20 million, Ark Invest and 21Shares’ ARKB gathered $16.54 million, Grayscale Bitcoin Mini Trust captured $6.89 million, and VanEck’s HODL secured $5.51 million. Total trading volume for the day reached $3.24 billion. Since their inception on January 11, 2024, the cumulative net inflows for the bitcoin ETF category now stand at $35 billion, down from the previous peak.
Holdings and Market Share
As of the close of trading on January 2, the collective bitcoin ETFs held $109.43 billion in Bitcoin, representing 5.68% of the total cryptocurrency’s market capitalization. Meanwhile, the nine ether ETFs also had a rough day, netting $77.51 million in outflows. Bitwise’s ETHW led the decline with a $56.11 million loss, followed by Grayscale’s ETHE dropping $21.4 million. The other seven ether funds recorded zero net flows, with total trading volume of approximately $397.23 million. Since their launch on July 23, 2024, ether ETFs have accumulated $2.58 billion in net inflows. At present, the ether ETFs collectively manage $12.44 billion in Ethereum, accounting for 2.99% of the asset’s total value.
Market Sentiment and Outlook
The sharp reversal in ETF flows highlights shifting investor preferences amid a volatile crypto market. After Bitcoin surged to new highs in late 2024, some institutional players have started taking profits, while others view the pullback as a buying opportunity. BlackRock’s IBIT outflows, while sizable, do not necessarily indicate a loss of confidence in Bitcoin; the firm remains the largest manager of bitcoin ETFs. The weakness in ether ETFs may be linked to the declining ETH/BTC ratio, which has dampened sentiment around Ethereum’s relative performance. Looking ahead, key catalysts include the Federal Reserve’s interest rate decisions, regulatory clarity on crypto ETFs, and the potential approval of options on spot bitcoin ETFs, all of which could drive renewed capital flows.