Bitcoin ETFs Experience $175 Million in Withdrawals on Christmas Eve

Institutional outflows of Bitcoin (BTC) have persisted through Christmas, with the US now recognized as the leading seller of BTC.

Key highlights:

• Bitcoin ETFs reported negative net flows on Christmas Eve, resulting in an additional $175 million loss for institutional investment vehicles.

• Poor performance is attributed to tax obligations and the expiry of quarterly options.

• There remains optimism for a broader recovery following the holiday period.

Analysis: Bitcoin institutional interest expected to return “soon”

Data from UK-based investment firm Farside Investors revealed that on Christmas Eve, US spot Bitcoin ETFs experienced net outflows exceeding $175 million.

Institutional capital in Bitcoin saw little reason to cease activity while Wall Street remained operational this week.

Farside indicates that a prolonged period of selling continued until the last pre-Christmas US trading session closed, with net outflows totaling $175.3 million.

This figure mirrors the results of the preceding five trading days, each concluding “in the red,” with total net outflows reaching $825.7 million. Every trading day since December 15 has shown negative results, except for December 17, which saw net inflows of $457.3 million.

Market participants attributed the ETFs’ lackluster performance to seasonal factors.

“Much of the selling stems from tax loss harvesting, which should conclude soon,” trader Alek mentioned in a post on X.

Alek also pointed out that Friday’s record options expiry event might be influencing risk appetite.

“This is a temporary situation; institutions will resume bidding shortly,” he added.

An accompanying chart highlighted a recent trend: consistent BTC price declines during US trading hours.

The Coinbase Premium, which measures the price difference between Coinbase’s BTC/USD and Binance’s BTC/USDT pairs, has largely remained negative throughout December.

“The US is currently the largest seller of $BTC, while Asia has become the primary buyer of Bitcoin,” summarized crypto analyst and entrepreneur Ted Pillows .

A negative Premium suggests a lack of buying interest from the US, which some believe Bitcoin needs to regain in order to sustain higher price levels.

$BTC 9 days ago at 90K level Coinbase premium became fully negative and has been persistent since then. Also, price can’t break that 90K level, keeps rejecting from there. I think once it is reclaimed with premium turning positive, you go long and don’t fade the rally. pic.twitter.com/AByz9tPoFA

— exitpump (@exitpumpBTC) December 24, 2025

Bitcoin, Ether ETFs stagnant since early November

In a glimmer of optimism for 2026, trader BitBull noted that negative ETF netflows, even on a 30-day moving average, do not indicate “final market tops.”

Related: Bitcoin institutional purchases turn new supply around for the first time in 6 weeks

“Price stabilizes first, flows become neutral, and only then do inflows reappear. Currently, the data suggests liquidity is inactive, not extinguished,” he shared with X followers, concerning the tendencies of both Bitcoin and Ether (ETH) ETFs. 

“A trend reversal is likely to begin with ETF flows turning positive again before price makes a significant move.”

Since the beginning of November, the 30-day moving average of netflows has been consistently negative.

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