U.S.-based spot Bitcoin ETFs generally rebounded alongside the price of bitcoin over the past week. As a whole, the 12 funds logged a weekly net inflow of $245 million—their third-smallest total so far, but an improvement from last week's $388 million net outflows, according to SoSoValue data.
However, the largest such fund by net asset value, BlackRock's iShares Bitcoin Trust (IBIT), logged negative weekly outflows for the second straight week, though both trading weeks were only four days long due to the holidays. This is the first such streak for the market's largest spot Bitcoin ETF; its net asset value (NAV) of $54.3 billlion still dwarfs its largest competitors, Fidelity's FBTC and Grayscale's GBTC, which each boast a NAV of about $20 billion.
The weekly loss is partially thanks to IBIT's record outflows on Thursday, in which the fund shed the most value in a single day since its launch one year ago.
However, the fund reversed its three-day outflow streak on Friday with $253 million worth of inflows, alongside the rebounding price of bitcoin, signaling a possible reversal of the outflow trend. Friday also marked the 16th anniversary of the mining of Bitcoin's Genesis Block, a milestone date in the cryptocurrency's history.
U.S.-based spot Ethereum ETFs, meanwhile, posted $38 million worth of weekly net outflows, their first weekly loss since mid-November.
However, the modest outflows pale in comparison to the over $2.5 billion worth of inflows the funds have logged in the past six weeks alongside the rise in ether's price, which has gained 30% since early November. In fact, despite the modest outflows, the funds' overall NAV increased week-over-week due to ether's increasing price.
BlackRock's iShares Ethereum Trust ETF (ETHA) has fared better than its bitcoin counterpart over the past two trading weeks, logging a net total of nearly $216 million worth of inflows.
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