- Bitcoin spot ETFs saw $175M in net outflows on Dec. 24
- BlackRock’s IBIT ETF led with a $91M outflow
- Solana and XRP spot ETFs posted net inflows
On December 24 (ET), U.S. spot Bitcoin ETFs experienced a sharp net outflow of $175 million, according to data from SoSoValue. The most significant outflow came from BlackRock’s IBIT ETF, which alone accounted for $91.37 million — making it the largest single-day drop among Bitcoin spot ETFs.
This outflow marks a noticeable shift in sentiment among institutional investors, especially after several weeks of stable or positive flows. While December typically sees lower trading volumes due to the holiday season, this large-scale exit signals potential investor caution around Bitcoin’s short-term price direction or profit-taking behavior after the recent market rally.
Ethereum Slips While XRP and Solana Gain
Ethereum didn’t fare much better in the ETF space. Spot Ethereum ETFs recorded net outflows of $52.70 million on the same day, further reinforcing the cautious tone across major digital assets. ETH has struggled to maintain bullish momentum, and these withdrawals could reflect hesitancy ahead of regulatory decisions or market volatility.
In contrast, alternative cryptocurrencies showed signs of resilience. Solana spot ETFs recorded $1.48 million in net inflows, while XRP spot ETFs outperformed with $11.93 million in fresh investments. These inflows suggest that investors are still willing to explore growth potential in altcoins, possibly viewing them as undervalued or poised for rebounds in 2025.
Market Outlook Remains Mixed
While the outflows in major Bitcoin and Ethereum ETFs hint at short-term uncertainty, the inflows in XRP and Solana ETFs indicate that investors are not pulling out of the crypto market entirely. Instead, there seems to be a sectoral rotation or a shift toward alternative assets with different risk-reward profiles.
With the end of the year approaching and the Bitcoin halving expected in 2024, the ETF flows will continue to be a key indicator of market sentiment and institutional positioning. For now, however, the data suggests a cautious stance among large-scale investors, particularly in the Bitcoin ETF space.
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