Bitcoin (BTC) Exchange-Traded Funds See $338.4M in Outflows, as BTC Price Struggles

The US spot Bitcoin exchange traded funds market saw another $338.4 million in outflows on Dec. 24, continuing a four-day streak of outflows.

During this time, traders pulled a total of $1.52 billion from U.S. spot bitcoin exchange-traded funds, according to data from SosoValue.

Bitcoin ETFs saw three days of outflows last week as the coin’s price dropped from highs of $108k. However, the ETF outflows coincided with bitcoin dropping to intraday lows of $94k on Tuesday.

Bitcoin recovered from intraday lows of $94k to trade above $98k on Tuesday.

However, traders saw net outflows of over $338 million, bringing the total amount of money pulled from U.S. spot bitcoin exchange-traded funds over the four days to $1.52 billion, according to data from SosoValue.

“Bitcoin’s anticipated year-end surge has fizzled. Instead, a $49.3M Mt. Gox #BTC move sparked a 14% drop, hitting 92.5k before bouncing to 95k. Liquidity’s drying up, sentiment softens, and ETFs saw their 3rd straight day of outflows.”

BlackRock’s IBIT saw $188.7 million exit on Tuesday, while Fidelity’s FBTC and Ark and 21Shares’ ARKB recorded $83 million and $75 million in negative daily flows respectively.

However, Bitwise ETF $BITB saw net inflows of $8.5 million.

The consecutive days of outflows came in a week where the BTC price fell to near $92k. It’s also a week in which MicroStrategy, the world’s largest corporate holder of BTC, acquired more to bring its total holdings to 444,262 BTC.

“Last week, $MSTR treasury operations resulted in a BTC Yield of .72%, a net benefit of ~3,177 BTC. At $94K per BTC, that equates to a $299 million gift to our shareholders.”

Commenting further on the company’s latest BTC buy at the average price of $106k, Saylor added on Twitter:

“If you are not buying bitcoin at the top, you are leaving money on the table.”

Interestingly, MicroStrategy has also filed a regulatory application that seeks its shareholders to vote on increasing company shares by 10 billion – plans that could allow for a staggering splash on Bitcoin.

Before yesterday’s outflows and the streak of outflows, the 12 spot Bitcoin ETFs had registered 15 straight days of net inflows. In total, positive flows over the 15 days reached $6.7 billion. The recent streak ended on Dec. 18.

The price of Bitcoin stood at $98,569 at the time of writing on Dec.25. It’s value against the US dollar has jumped 5% in the past 24 hours.

While it’s pared gains seen in the past month, Bitcoin is up 128% in the past year. Bulls are likely to eye a surge to $100k during this holiday week.