Before and after the Christmas holiday, US Bitcoin ETFs continued to come under pressure, with institutional funds accelerating outflows. The latest data shows that over the past five trading days, US spot Bitcoin ETFs experienced a total net outflow of approximately $825 million, making the US temporarily the largest seller of Bitcoin globally.
According to Farside Investors data, on Christmas Eve alone, US spot Bitcoin ETFs recorded a net outflow of about $175 million. Although Wall Street continued normal trading, institutional investors chose to reduce risk exposure before the holiday, resulting in continued negative fund flows into Bitcoin ETFs. Since December 15, except for brief positive turns on some trading days, most of the time has seen capital outflows.
The market generally believes that the weak performance of Bitcoin ETFs is closely related to seasonal factors. On one hand, year-end tax obligations prompt some institutions to harvest tax losses; on the other hand, quarterly options expirations also suppress short-term risk appetite. Some traders point out that such selling pressure is usually temporary and may gradually ease after the holiday.
From a market structure perspective, a notable signal is “US selling, Asia buying.” The US compliance CEX Premium indicator has been mostly negative in December, reflecting weaker demand for BTC in the US market, while buy orders during Asian trading hours have been relatively more active. This also explains why Bitcoin prices tend to perform weaker during US trading hours.
Despite short-term pressure, the long-term trend for Bitcoin and Ethereum ETFs remains optimistic among some analysts. Some believe that the current negative net flows into ETFs mainly reflect a temporary liquidity stall rather than a full-scale institutional withdrawal. Historical experience shows that prices often stabilize first, then ETF fund flows turn neutral, and finally, a new phase of net inflows and trend-based rises begins.
Overall, although five days of outflows totaling $825 million in Bitcoin ETFs put some pressure on market sentiment, it does not necessarily indicate a cycle top. As liquidity recovers after the holiday and institutions reallocate assets, the return of Bitcoin ETF funds is still seen as an important signal for the next market rally.
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