Key Takeaways
BlackRock’s iShares Bitcoin Trust (IBIT) saw a significant outflow of $332 million on January 1, marking a record single-day outflow. This surpassed the previous record of $188 million set on December 24. The data was obtained from Farside Investors.
The massive withdrawals from IBIT caused US spot Bitcoin ETFs to have overall outflows on Thursday, even as most rival ETFs experienced gains. Additionally, the Grayscale Bitcoin Trust (GBTC) also suffered losses of nearly $7 million.
In terms of daily inflows, Bitwise Bitcoin ETF (BITB) led the way with $48 million. This was followed by Fidelity Wise Origin Bitcoin Fund (FBTC), ARK 21Shares Bitcoin (ARKB), and Grayscale Bitcoin Mini Trust (BTC). Collectively, these funds received approximately $108 million on Thursday.
Excluding Valkyrie’s Bitcoin ETF, the 10 US-based spot Bitcoin ETFs recorded combined outflows of $248 million. The total net outflows for the week have surpassed $650 million.
IBIT has experienced a total net outflow of $392 million since December 3, resulting in three consecutive trading days of losses. Despite these recent outflows, the fund remains the dominant Bitcoin ETF, holding nearly 552,000 BTC valued at over $51 billion as of January 2.
Launched in early 2024, IBIT has outperformed the majority of ETFs throughout the year. It ranked third on Bloomberg ETF analyst Eric Balchunas’ 2024 leaderboard, with approximately $37 billion in year-to-date flows. It only trails behind the established index giants VOO and IVV.
Here’s the final 2024 Top 20 ETF Leaderboard according to Eric Balchunas: VOO ended with $116 billion, surpassing the previous record by $65 billion. IVV closed strong with $89 billion, possibly due to being used more than SPY for tax-loss harvesting. IBIT secured the third spot with $37 billion, despite being less than a year old. The total flows reached $1.14 trillion, breaking the old record by 25%, or $225 billion.