On December 24, spot Bitcoin and Ethereum ETFs saw another round of outflows as traders entered the Christmas holiday, with reduced liquidity and weakening risk appetite.
SoSoValue data shows that the Bitcoin spot ETF saw a net outflow of US$175 million on Wednesday, while the Ethereum spot ETF saw a net outflow of US$57 million.
The largest single-day exit came from BlackRock’s IBIT, which exited $91.37 million. Grayscale’s GBTC followed with $24.62 million in outflows.
The Ethereum spot ETF also fell. SoSoValue reported a net outflow of $52.7 million on the day.
Grayscale’s ETHE led the selling pressure with outflows of $33.78 million, bringing its historical cumulative net outflows to $5.083 billion.
The only notable offset came from Grayscale’s Ethereum Mini Trust ETF An inflow of US$3.33 million was recorded, and the current cumulative inflow has reached US$1.506 billion.
This pattern is consistent with what tends to happen around major holidays. Volume fell sharply, trading was thin, and positions became more defensive.
In this environment, even small orders can have a huge impact on ETF flows, especially as market makers widen spreads and investors prefer to hold cash rather than hold exposure through illiquid trading sessions.
Outflows also don’t automatically mean investors have turned bearish. Some flows reflect regular rebalancing, tax management or rolling exposure between products.
But direction matters, as these ETFs have become a clear proxy for institutional demand. When flows turn negative for several consecutive sessions, it reinforces the idea that the cryptocurrency is still behaving like a risk asset that gets stuck when liquidity tightens.