U.S. Bitcoin ETF net outflows hit $825M over five days
U.S. Bitcoin ETFs saw increased selling pressure heading into the holiday week, recording net outflows of $175.3 million on December 24. Over the past five sessions, total withdrawals reached $825.7 million, based on data from Farside Investors’ consolidated flow tracker. This steady outflow pattern highlights a cautious market tone as traders reassessed exposure ahead of the year’s close.
Analysts noted that the weakness was largely driven by year-end tax strategies, where investors locked in gains or adjusted positions for reporting purposes. Additionally, thin liquidity around options expiry amplified volatility, making ETF flows more sensitive to selling activity. With holiday trading conditions typically quieter, even moderate repositioning contributed to larger-than-usual outflows, reinforcing a defensive sentiment across the U.S. Bitcoin ETF market.
Holiday-session flows turn negative again
Farside data show total net outflows of $175.3M on Dec. 24, following -$188.6M on Dec. 23 and a string of red sessions dating back to mid-December. The lone bright spot was Dec. 17, when U.S. spot Bitcoin ETFs posted $457.3M in net inflows, the strongest intake in over a month.
U.S. Bitcoin ETF net outflows and intramonth context
From Dec. 15–24, daily activity skewed negative, leaving the five-session tally near -$825.7M into Christmas week. While notable, CoinDesk and Farside data indicate such swings have punctuated December, with flows oscillating between sizeable outflows and brief rebounds.
What’s driving the weakness?
Market participants cite tax-loss harvesting into year-end and quarterly options expiry as proximate catalysts that can suppress risk appetite and ETF creations. The Block reported continued outflows in both BTC and ETH funds during the holiday stretch, consistent with seasonal liquidity patterns.
Regional bid: Coinbase Premium turns a signal
The Coinbase Premium the price gap between Coinbase’s USD pair and offshore venues has been negative for much of December, suggesting a comparatively weaker U.S. spot bid. Recent readings and commentary highlight U.S. selling pressure versus relatively steadier Asian demand. Yahoo Finance+1
Outlook for flows
Historically, flows tend to stabilize before turning positive, with price following once ETF demand returns. December’s pattern brief inflows amid broader outflows keeps attention on whether post-holiday re-risking restores the U.S. bid.
Context & Analysis
The December flow pattern negative stretch punctuated by a single outsized inflow aligns with calendar-driven supply/demand frictions rather than structural demand loss. If the Coinbase Premium normalizes and tax-related selling abates, flows could revert toward neutral and then positive, historically a constructive sequence for spot price.
Conclusion
The Christmas-week market continued to reflect net outflows from U.S. Bitcoin ETFs, driven by seasonal factors and cautious investor behavior. Holiday-period liquidity remained thin, allowing even moderate selling to influence sentiment and keep flows under pressure.
Analysts note that a convincing shift in trend will likely require stabilization in ETF flows, a stronger and more consistent U.S. spot market bid or premium, and clearer direction once year-end positioning is fully unwound. Until these elements align, the market may remain in a wait-and-see mode, with participants looking for firmer signals of renewed demand.
FAQs
Q : What were U.S. Bitcoin ETF net outflows on Christmas Eve?
A : $175.3M on Dec. 24, per Farside Investors.
Q : How much left over the last five trading days?
A : Roughly $825.7M in combined outflows.
Q : Was there any recent positive day for flows?
A : Yes, Dec. 17 saw $457.3M in net inflows, the strongest since mid-November.
Q : Why are flows negative into year-end?
A : Tax-loss harvesting and options-expiry-related positioning are commonly cited factors.
Q : What is the Coinbase Premium and why does it matter?
A : It’s the price gap between Coinbase (USD) and offshore venues; a negative premium implies a weaker U.S. bid.
Q : Do negative flows signal a market top?
A : Not necessarily; flows often stabilize before turning positive, with price reacting later.
Q : Where can I track these flows daily?
A : Farside’s Bitcoin ETF Flow dashboard and major crypto news desks.
Facts
Event
U.S. spot Bitcoin ETFs record net outflows into Christmas weekDate/Time
2025-12-24T16:00:00+05:00 (Christmas Eve session); 2025-12-25T10:00:00+05:00 (report compiled)Entities
BlackRock iShares Bitcoin Trust (IBIT); Fidelity Wise Origin (FBTC); Bitwise (BITB); ARK 21Shares (ARKB); Grayscale (GBTC); othersFigures
-$175.3M (Dec. 24); -$188.6M (Dec. 23); +$457.3M (Dec. 17) (US$m)Quotes
“Negative Coinbase Premium indicates weaker U.S. bid.” market dashboards summarySources
Farside Investors Bitcoin ETF Flow (https://farside.co.uk/btc/); CoinDesk (inflows Dec. 17) (https://www.coindesk.com/markets/2025/12/18/u-s-bitcoin-etfs-see-strongest-inflows-for-over-a-month-as-btc-dominance-hits-60); The Block (outflows week of Christmas) (https://www.theblock.co/post/383717/spot-bitcoin-ether-etfs-outflows-christmas)