Key Points
- BlackRock’s IBIT fund experiences its first-ever two-week streak of net outflows, despite maintaining dominance with a $54.3 billion NAV, significantly ahead of competitors Fidelity and Grayscale.
- Overall U.S. spot Bitcoin ETF market shows recovery with $245 million net inflows, while Ethereum ETFs post modest $38 million outflows but maintain strong six-week performance.
Bitcoin ETF Market Sees Mixed Performance
Data from SoSoValue shows that BlackRock’s iShares Bitcoin Trust (IBIT), the market’s largest spot Bitcoin ETF, has marked an unprecedented milestone – its first two-week streak of weekly net outflows. Despite this setback, the fund maintains a commanding market position with a net asset value of $54.3 billion, more than double that of its nearest competitors, Fidelity’s FBTC and Grayscale’s GBTC, each holding approximately $20 billion.
The broader U.S. spot Bitcoin ETF market demonstrated resilience, bouncing back from the previous week’s $388 million outflow to post a net inflow of $245 million. While this represents one of the smallest weekly inflows since launch, it signals a positive shift in market sentiment. Notably, IBIT showed signs of recovery on Friday, attracting $253 million in inflows, coinciding with Bitcoin’s price rebound and the 16th anniversary of Bitcoin’s Genesis Block.
Ethereum ETFs Display Market Resilience
In contrast to the Bitcoin ETF market’s volatility, spot Ethereum ETFs have shown remarkable stability despite posting their first weekly loss since mid-November with $38 million in net outflows. This minor setback appears insignificant when viewed against the funds’ impressive performance over the past six weeks, during which they accumulated over $2.5 billion in inflows.
The success of Ethereum-based products is particularly evident in BlackRock’s iShares Ethereum Trust ETF (ETHA), which has outperformed its Bitcoin counterpart by securing nearly $216 million in net inflows over the past two trading weeks. This positive performance has been supported by Ether’s strong price action, showing a 30% increase since early November, which has helped maintain the funds’ overall net asset value growth despite recent outflows.
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