IBIT and ETHE drive outflows from bitcoin and ether ETFs ahead of Christmas

Spot bitcoin and ether ETFs posted another round of outflows on Dec. 24 as traders moved into the Christmas holiday with thinner liquidity and a more cautious risk stance.

According to SoSoValue, bitcoin spot ETFs recorded $175 million in net outflows on Wednesday, while ether spot ETFs saw $57 million leave the category.

BlackRock’s iShares Bitcoin Trust (IBIT) led the withdrawals, with $91.37 million exiting the fund in the largest single-day outflow. Grayscale’s GBTC followed with $24.62 million in redemptions.

Ethereum-focused ETFs also came under pressure. SoSoValue data showed $52.7 million in net outflows from ether spot ETFs, led by Grayscale’s ETHE, which saw $33.78 million leave the fund. That brought ETHE’s cumulative historical net outflows to $5.083 billion.

The only meaningful counterbalance came from Grayscale’s Ethereum Mini Trust ETF, which attracted $3.33 million in inflows and has now accumulated $1.506 billion in total net inflows.

The flow pattern is consistent with typical holiday-period market dynamics. Trading volumes tend to drop sharply, desks run lighter, and positioning turns more defensive. In this environment, even modest trades can exert an outsized influence on ETF flows, particularly as market makers widen spreads and investors prefer to sit in cash rather than maintain exposure through illiquid sessions.

Importantly, ETF outflows do not automatically imply a bearish shift in sentiment. Some flows reflect routine portfolio rebalancing, tax management, or adjustments between products.

Still, the direction of flows remains significant, as spot crypto ETFs have become a key proxy for institutional demand. When outflows persist across multiple sessions, it reinforces the view that crypto continues to behave like a risk asset, particularly sensitive to periods of tightening liquidity.