iShares Bitcoin ETF (IBIT) and Ethereum ETF (ETHA) both hit their largest single-day outflows since listing.

BlockBeats News, December 21st, according to Farside Investors data, yesterday saw a net outflow of $72.7 million in Belvedere IBIT and a net outflow of $103.7 million in ETHA, both setting new single-day record outflows since their listing.

BlockBeats Note: It is worth noting that although Belvedere's ETHA-related outflow records are relatively few, almost every occurrence of a "net outflow" in IBIT since its listing has coincided with a local bottom.

According to the related views of crypto KOL and former FTX community partner Benson Sun, a large portion of the funds in IBIT are engaged in arbitrage trading. The inflow/outflow of such funds has little impact on the market, but can be used to assess market sentiment. When market sentiment is poor, the futures premium decreases and arbitrage funds sell BTC ETFs and close out short positions opened on CME. Therefore, every time the BTC market reaches its peak, CME's open interest sharply rises (corresponding to an increase in hedge funds' net short positions), and after the market falls, CME's open interest also declines. In simple terms, "the probability of the market bottoming out is higher when IBIT fund net outflows occur" (as shown in the diagram).