Spot Bitcoin and Ether ETFs Record Outflows Amid Holiday De-Risking

U.S. spot Bitcoin and Ethereum ETFs experienced net outflows on Tuesday, December 23, as year-end portfolio adjustments and thin holiday liquidity prompted investors to reduce exposure ahead of Christmas.

• Spot Bitcoin ETFs saw $188.6 million in net outflows, marking four consecutive days of negative flows.
• Spot Ether ETFs reversed prior inflows with $95.5 million exiting on Tuesday.
• Broader market strength saw the S&P 500 close at a record high despite crypto weakness.

Bitcoin and Ether ETF Flows Turn Negative

Spot Bitcoin ETFs extended their outflow streak to four days with $188.6 million leaving the products on December 23, per SoSoValue data. BlackRock’s IBIT led the redemptions at $157.3 million, followed by Fidelity’s FBTC, Grayscale’s GBTC, and Bitwise’s BITB.

Weekly figures showed $497.1 million in net Bitcoin ETF outflows last week, flipping from $286.6 million inflows the prior period.

Spot Ether ETFs posted $95.5 million in outflows, led by Grayscale’s ETHE ($50.9 million)—the largest single-day Ether ETF redemption.

Vincent Liu, CIO at Kronos Research, described the moves as typical year-end mechanics rather than a fundamental shift. “Thin liquidity, rebalancing, and profit-taking are driving this—classic holiday de-risking.”

Nick Ruck of LVRG Research echoed that seasonal tax-loss harvesting and reduced volume are key factors.

Rick Maeda of Presto Research downplayed alarm, noting flows have been choppy for months and current outflows remain modest compared to the $1.5 billion Bitcoin ETF exodus before Christmas 2024.

Contrasting Performance in Traditional Markets

U.S. equities defied the crypto pullback, with the S&P 500 gaining 0.46% to a record close of 6,909.79 on Tuesday. The Nasdaq rose 0.57%, and the Dow added 0.16%.

Revised Q3 GDP data showed 4.3% annualized growth—up from 3.8% in Q2—bolstering confidence in economic resilience.

Markets close early at 1 p.m. ET on December 24 and remain shut on December 25, reopening December 26.

Crypto Price Action and Outlook

Bitcoin traded down 0.7% over 24 hours to $86,931 as of early Wednesday (ET), while Ether slipped 1.18% to $2,931.

Spot XRP ETFs bucked the trend with $8.2 million inflows, and spot SOL ETFs added $4.2 million.

Experts advise watching post-holiday indicators for 2026 clues.

“The real test comes when liquidity returns,” said Kronos Research’s Vincent Liu. “Focus on price-led flows and December 27 jobless claims.”

The holiday outflows appear largely mechanical, but sustained weakness into January could signal deeper caution—while a quick rebound would reinforce seasonal optimism.