Bitcoin and ether spot ETFs experienced another wave of outflows on Dec. 24 as traders entered the Christmas holiday with diminished liquidity and a lower risk appetite.
According to SoSoValue data, bitcoin spot ETFs recorded $175 million in net outflows on Wednesday, while ether spot ETFs saw $57 million in outflows.
The largest single-day exit was from BlackRock’s IBIT, which saw $91.37 million depart the fund. Grayscale’s GBTC followed with outflows of $24.62 million.
Ethereum spot ETFs also faced losses, with SoSoValue noting $52.7 million in net outflows for the day.
Grayscale’s ETHE was the front-runner in the selling pressure, experiencing a $33.78 million outflow, bringing its total historical net outflows to $5.083 billion.
The only significant offset came from Grayscale’s Ethereum Mini Trust ETF , which recorded a $3.33 million inflow, accumulating to $1.506 billion in total inflows.
This trend aligns with typical behavior around major holidays, where trading volumes significantly decrease, desks operate with less activity, and positioning shifts toward being more defensive.
In such circumstances, even small orders can disproportionately influence ETF flows, especially when market makers widen spreads and investors prefer liquidity over exposure during less active trading periods.
Outflows do not necessarily indicate that investors are becoming bearish. Some flows may reflect standard rebalancing, tax management, or the shifting of exposure between different products.
Nonetheless, the trend is significant because these ETFs serve as a clear indicator of institutional demand. When flows consistently turn negative for several sessions, it reinforces the perception that cryptocurrencies function as risk assets that struggle under tight liquidity conditions.
