Spot bitcoin and ether ETFs recorded another round of outflows on Dec. 24 as traders headed into the Christmas break amid thinner liquidity and a reduced appetite for risk.
Data from SoSoValue showed bitcoin spot ETFs posted $175 million in net outflows on Wednesday, while ether spot ETFs saw $57 million exit the category.
BlackRock’s iShares Bitcoin Trust (IBIT) accounted for the largest single-day withdrawal, with $91.37 million leaving the fund. Grayscale’s GBTC followed with $24.62 million in outflows.
Ethereum-focused ETFs also faced selling pressure. SoSoValue reported $52.7 million in net outflows from ether spot ETFs, led by Grayscale’s ETHE, which shed $33.78 million on the day. That pushed ETHE’s cumulative historical net outflows to $5.083 billion.
The lone notable offset came from Grayscale’s Ethereum Mini Trust ETF, which recorded $3.33 million in inflows and has now amassed $1.506 billion in cumulative net inflows.
The pattern aligns with typical market behavior around major holidays. Trading volumes tend to fall sharply, desks operate with reduced staffing, and positioning becomes more defensive. In such conditions, even relatively modest trades can have an outsized impact on ETF flows, particularly as market makers widen spreads and investors opt to hold cash rather than carry exposure through illiquid sessions.
Importantly, outflows do not necessarily signal a shift to outright bearishness. Some activity reflects routine portfolio rebalancing, tax-related positioning, or rolling exposure between products.
Still, the direction of flows remains closely watched, as these ETFs have become a visible proxy for institutional demand. Sustained outflows reinforce the view that crypto continues to trade like a risk asset, vulnerable during periods of tightening liquidity.
