BlackRock IBIT and ETHA both recorded the largest single-day net outflow since their launch

On December 21, according to data from Farside Investors, BlackRock's IBIT had a net outflow of $72.7 million, and ETHA had a net outflow of $103.7 million, both setting new records for the largest single-day net outflow since their inception. BlockBeats note: It is worth noting that while BlackRock's ETHA has relatively few outflow records, IBIT has seen a "net outflow" situation almost every time it has occurred, which has typically marked a low point in the cycle. According to the views of crypto KOL and former FTX community partner Benson Sun, a large portion of the funds in IBIT are engaged in arbitrage trading, and the inflow/outflow of such funds has little impact on the market sentiment. However, it can be used to gauge the market sentiment. When the market sentiment is poor and the futures premium is low, the arbitrage capital will sell BTC ETFs and close their short positions on the CME. Therefore, whenever BTC's price reaches a top, the open interest on the CME will surge sharply (corresponding to an increase in the net short positions of hedge funds), and after the price declines, the open interest on the CME will also decrease. In simple terms, "when IBIT funds see a net outflow, the probability of the market reaching a bottom is relatively high" (as shown in the figure).