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According to data from Farside Investors, institutional money flowed out of US spot Bitcoin ETFs through the last full trading day before Christmas.
Net outflows on Christmas Eve reached just over $175 million. This was a part of a string of weak sessions: total net outflows over the past five trading days were nearly $826 million. Since December 15, every trading day ended with net selling, except December 17, which attracted $457 million in inflows.
Institutional outflows
Market participants pointed to routine year-end changes as a significant factor. Reports indicate that there was large tax loss taking this month, with traders selling positions to appreciate losses for tax purposes.
Trader after trader also pointed to Friday's record options expiry as a force that will weaken risk appetite ahead of massive settlements.
US spot Bitcoin ETF total outflows. Source: Farside Investors
Pressure in US trading hours
Data showed that the downtrend was strongest through the US trading sessions. The Coinbase premium – a measure that compares Coinbase's BTC/USD price to Binance's BTC/USDT – was below zero for much of December, indicating weaker buying within the US market.
Summarizing the flow pattern, crypto analyst Ted Pillows said the US has turn out to be the largest seller while Asia plays the role of the principal buyer. If US demand doesn’t return, this split could limit Bitcoin's height in rallies.
BTCUSD is now trading at $87,464. Chart: TradingView
Liquidity inactive
Other traders claim that negative ETF flow numbers don’t mean the cycle is over. Based on reports shared on social channels, the trail back is normally through price first and flows second.
The price finds a base after which flows level off before recent inflows occur. From this angle, current liquidity appears more dormant than broken. That leaves room for a rebound once seasonal sales decelerate.
Since the start of November, the 30-day moving average of US spot ETF net flows has been negative for each Bitcoin and Ethereum.
This implies that, on average, more capital flows out of those ETFs than inflows for several weeks in a row.
This is essential because ETFs are… pic.twitter.com/qR1bMQNqxe
– BitBull (@AkaBull_) December 24, 2025
On-chain signals
On-chain metrics provide some comfort. Long-term holders are in no hurry to sell immediately. The realized profits indicate some profit taking, but to not the acute that marks a final peak. This pattern suits the thought of sales being handled by other hands. As selling nears exhaustion, larger buyers could step in if the ETFs turn neutral or positive.
Outlook for the approaching months
Investors will likely be watching ETF flows closely after the vacations. If flows move towards neutral, the value could stabilize after which rise without the necessity for much recent demand. The mixture of tax selling and options-related positioning suggests a number of the current weakness could also be temporary. Still, traders should expect choppy moves while U.S. buyers stay out.
Featured image from Pexels, chart from TradingView
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