Spot Bitcoin and Ether ETFs saw outflows again on December 24th as traders entered the Christmas holidays, reducing liquidity and weakening risk appetite.
The Bitcoin Spot ETF recorded net outflows of $175 million on Wednesday, while the EtherSpot ETF posted net outflows of $57 million, according to data from SoSoValue.
The biggest single-day exit was from BlackRock’s IBIT, with $91.37 million leaving the fund. Grayscale’s GBTC followed with $24.62 million in outflows.
The Ethereum Spot ETF also stalled. SoSoValue reported net outflows of $52.7 million on the day.
Grayscale’s ETHE led the selling pressure with $33.78 million in outflows, bringing the historical cumulative net outflow to $5.083 billion.
The only notable offset is from Grayscale’s Ethereum Mini Trust ETF. recorded an inflow of $3.33 million, bringing the cumulative inflow amount to $1.506 billion.
This pattern fits the trend that occurs around major holidays. Trading volumes plummet, desk utilization declines, and positioning becomes more defensive.
In such an environment, even modest orders can have a significant impact on ETF flows, especially if market makers widen spreads and investors prefer to preserve cash rather than hold exposure through illiquid trades.
Also, capital outflows do not automatically mean investors are bearish. Some flows reflect routine rebalancing, tax administration, or rolling exposures between products.
But direction is important because these ETFs are a visible proxy for institutional demand. Several sessions of negative flows reinforce the idea that cryptocurrencies still behave like risk assets that struggle when liquidity tightens.
