Key Insights
- Bitcoin ETFs record $194.64 million in net outflows on December 4.
- All major Bitcoin ETF products see redemptions as BTC trades below $93,000.
- Outflow ends Bitcoin ETFs’ three-day positive streak.
Bitcoin ETFs turned uniformly red on December 4. They posted $194.64 million in net outflows as Bitcoin struggled to hold above $93,000. The redemptions ended a brief three-day positive streak.
Data from SoSoValue shows major Bitcoin ETFs recorded outflows on December 4. The selling pressure came as Bitcoin traded in a 24-hour range of $91,029 to $93,577, down 0.7% on the day.
Bitcoin ETFs See Broad Selling Across All Products
BlackRock’s IBIT led the outflows with $112.96 million in redemptions. Fidelity’s FBTC followed with $54.20 million in outflows, while Bitwise’s BITB lost $3.01 million. VanEck’s HODL recorded $14.34 million in redemptions.
Grayscale’s GBTC posted $10.13 million in outflows and brought its cumulative net outflow to $25.05 billion.
Multiple Bitcoin ETFs that typically see zero activity also remained flat on December 4. Grayscale’s BTC, Ark & 21Shares’ ARKB, Invesco’s BTCO, and Valkyrie’s BRRR reported no flows. Franklin’s EZBC, WisdomTree’s BTCW, and Hashdex’s DEFI also showed no activity.
The December 4 outflows came after three consecutive days of positive flows. December 3 saw $14.90 million in outflows, while December 2 recorded $58.50 million in inflows and December 1 posted $8.48 million in inflows.
Bitcoin ETFs Maintain $57.56 Billion Cumulative Inflows
Total net assets across all Bitcoin ETFs stand at $120.68 billion as of December 4. Trading volume for the day reached $3.10 billion, down from $4.22 billion on December 3.
Cumulative total net inflow for Bitcoin ETFs remains at $57.56 billion since the products launched in January 2024.
The December 4 outflow brought total net assets down from $121.96 billion on December 3. The single-day decline follows the pattern of Bitcoin ETF assets moving in direct correlation with Bitcoin price action.
Bitcoin Struggles Below $93,000 Resistance
Bitcoin traded between $91,029 and $93,577 on December 4, failing to sustain above the key $93,000 level. The price dropped to the $92,000 level in the last 24 hours.
The seven-day range for Bitcoin spans from $84,553 to $93,855. Bitcoin has gained 1.2% over the past seven days but remains down 9.4% over 30 days.
Crypto analyst Elja suggested on X that Bitcoin’s wedge breakdown may be too obvious. “When a pattern becomes this crowded, the market usually takes the opposite route,” Elja stated.
The analyst noted that Bitcoin sits right below a trend line, raising the possibility of a fake-out. “If that’s the case, the real top might not be in yet, and BTC could push higher before the market rolls into a proper bear phase,” Elja wrote.
Other Crypto ETFs Show Mixed Performance
Ethereum ETFs posted $41.57 million in outflows on December 4 and extended recent weakness in ETH products. Cumulative net inflow for Ethereum ETFs stands at $12.95 billion, with total net assets of $19.64 billion.
Solana ETFs bucked the trend with $4.59 million in inflows on December 4. The positive flow day for SOL products contrasts with the overall selling in Bitcoin and Ethereum ETFs.
Premium and discount rates for Bitcoin ETF products varied on December 4. BlackRock’s IBIT traded at a 0.41% premium, while Fidelity’s FBTC showed a 0.44% premium.
Grayscale’s GBTC traded at a 0.01% discount, while Bitwise’s BITB carried a 0.40% premium. VanEck’s HODL showed a 0.37% premium.
The December 4 outflows for Bitcoin ETFs came during a period of price consolidation for Bitcoin below $93,000. The next direction for the ETFs will be dependent on Bitcoin’s ability to reclaim key resistance levels in the coming days.
Vignesh Karunanidhi is a seasoned crypto journalist and content editor with 7 years of experience in the crypto and Web3 space. Throughout his career, he has worked with leading platforms such as Watcher.Guru, Milk Road, BeInCrypto, Captain Altcoin, and Coin Edition, producing over 10,000 news articles, blogs, and guides on cryptocurrency.
