Crypto ETFs record outflows heading into Christmas, with IBIT and ETHE at the forefront

Spot bitcoin and ether ETFs saw further outflows on Dec. 24 as traders headed into the Christmas holiday amid thinner liquidity and reduced risk appetite.

According to SoSoValue, bitcoin spot ETFs recorded $175 million in net outflows on Wednesday, while ether spot ETFs posted $57 million in withdrawals.

BlackRock’s iShares Bitcoin Trust (IBIT) accounted for the largest single-day exit, with $91.37 million leaving the fund, followed by Grayscale’s GBTC at $24.62 million.

Ethereum-focused ETFs also faced selling pressure. ETHE led the outflows with $33.78 million removed, bringing its cumulative net outflows to $5.083 billion. The only notable inflow came from Grayscale’s Ethereum Mini Trust ETF, which added $3.33 million, pushing its cumulative inflows to $1.506 billion.

The trend reflects typical holiday-period dynamics. Trading volumes decline sharply, desks operate with lighter staffing, and positioning generally turns defensive. In this environment, even modest orders can have a significant impact on ETF flows, especially as market makers widen spreads and investors opt to hold cash rather than maintain exposure in thin sessions.

ETF outflows do not necessarily indicate bearish sentiment. Some movements reflect routine portfolio rebalancing, tax planning, or rolling exposure between products.

Nonetheless, the direction of flows remains a key gauge of institutional demand. Sustained withdrawals over several sessions underscore that crypto continues to behave like a risk asset, particularly sensitive to periods of tighter liquidity.