Spot Bitcoin ETFs Suffer $1.5 Billion Outflows in Four Days
2024-12-26
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The spot bitcoin exchange-traded funds (ETFs) approved by the U.S. Securities and Exchange Commission (SEC) earlier this year have registered more than $1.5 billion in outflows over the last four days, with data showing these funds’ largest-ever outflow occurred on Dec. 19 as $671.9 million were moved out.
According to data from Farside Investors, spot bitcoin ETFs’ largest-ever daily outflow put an end to a 15-day inflow streak and came amid a significant cryptocurrency market sell-off, which saw the price of BTC drop from over $100,000 to a low below the $93,000 mark before recovering.
The massive exodus surpassed previous record outflows recorded back in May when the price of bitcoin dropped by more than 10% over a week. That record, of $564 million,
Since then, these funds have suffered significant outflows of $277 million on Dec. 20, $226.5 million on Dec. 23, and $338.4 million on Dec. 24. 
Source: CoinGlass
The outflows come at a time in which Nasdaq-listed business intelligence firm MicroStrategy has announced the acquisition of an additional 5,262 bitcoin at an average price of $106,662 per BTC, with the purchase costing the firm around $561 million in total.
The Nasdaq-listed business intelligence firm’s total BTC holdings surpassed 400,000 BTC earlier this month after it invested $1.5 billion into the flagship cryptocurrency. The company’s BTC accumulation strategy has inspired other companies to follow suit.
One such company is Marathon Digital Holdings, a cryptocurrency miner that has accumulated 44,394 BTC worth around $4.1 billion, making it the second-largest corporate holder of the cryptocurrency.
Various other Bitcoin miners and even electric car market Tesla have added BTC to their balance sheets over time to the point that, according to BitcoinTreasuries data, a total of 587,470 BTC are now held by publicly traded companies. These coins are worth an estimated $54.9 billion and represent 2.8% of the cryptocurrency’s supply.
Featured image via Unsplash.