On December 24th, against the backdrop of the Christmas holiday approaching and declining market liquidity, Bitcoin and Ethereum spot ETFs experienced another round of capital outflows. As traders’ risk appetite decreases and holdings become more conservative, the fund flows related to crypto asset ETFs are facing temporary pressure.
According to SoSoValue data, on that day, Bitcoin spot ETFs had a total net outflow of approximately $175 million. Among them, BlackRock’s IBIT was the product with the largest single-day outflow, with a net outflow of about $91.37 million; Grayscale’s GBTC followed closely, with a net outflow of approximately $24.62 million. Overall, mainstream Bitcoin ETFs faced varying degrees of selling pressure before the holiday, reflecting institutional investors’ tendency to reduce exposure ahead of the break.
Ethereum spot ETFs were also not spared. On that day, the total net outflow of Ethereum ETFs was about $52.7 million. Grayscale’s ETHE led the decline, with a single-day net outflow of approximately $33.78 million. Its cumulative net outflow has expanded to $5.083 billion, continuing to highlight the long-term funding pressure faced by this product.
It is worth noting that the market is not entirely lacking positive signals. Grayscale’s Ethereum Mini Trust ETF (ETH) recorded an inflow of about $3.33 million on that day, with total inflows reaching $1.506 billion, indicating that some investors are still deploying Ethereum through lower-cost or more flexible structured products.
Overall, the outflow of Bitcoin ETF funds and the net outflow of Ethereum ETFs do not necessarily mean a comprehensive shift in market sentiment to bearish. Historical experience shows that before major holidays like Christmas, trading volume usually drops significantly, market makers widen spreads, and small trades can amplify ETF fund flow effects. Additionally, some fund movements may stem from year-end rebalancing, tax planning, or inter-product fund switching.
However, as an important indicator of institutional demand, if Bitcoin and Ethereum spot ETFs continue to experience net outflows for several consecutive trading days, it could reinforce the market perception that “crypto assets perform more like risk assets during liquidity tightening phases,” potentially exerting short-term pressure on price trends.
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