Bitcoin ETF performance remained under pressure on Christmas Eve, as a shortened U.S. trading session ended with another $175 million in net outflows. The latest figures extended a multi-day selling streak that has weighed on institutional sentiment toward Bitcoin.
Institutional selling continued into the holiday period, with the United States emerging as the largest net seller of Bitcoin, even as other regions showed signs of accumulation.
Bitcoin ETF outflows persist into Christmas
Data from Farside Investors showed that U.S. spot Bitcoin exchange-traded funds recorded $175.3 million in net outflows on Christmas Eve. The selling pressure continued through the final U.S. session before the holiday, as Wall Street remained open for a shortened trading day.
The latest decline followed a broader trend seen over the past week. Over the last five trading sessions, Bitcoin ETFs have posted cumulative net outflows of approximately $825.7 million. Since December 15, every session has ended in negative territory except December 17, when ETFs briefly attracted $457.3 million in inflows.
Seasonality and options expiry weigh on sentiment
Market participants attributed the weak ETF performance largely to seasonal factors. Tax-loss harvesting toward year-end has been cited as a major driver of selling, a trend that typically fades once the calendar turns.
Traders also pointed to the impact of a major quarterly options expiry, which may have reduced risk appetite and encouraged institutions to trim exposure. Some analysts expect institutional demand to return once these temporary pressures ease after the holidays.
U.S. selling contrasts with Asian demand
Price action during U.S. trading hours has reflected the ongoing selling pressure. The Coinbase Premium Index, which tracks the price difference between Bitcoin on Coinbase and offshore exchanges, remained negative for much of December. A negative premium signals weaker buying interest from U.S. investors.
Several analysts noted that while U.S. investors have been net sellers, Asian markets have increasingly acted as net buyers. This regional divergence has contributed to Bitcoin’s difficulty in holding higher price levels in recent weeks.
ETF weakness does not signal market peak
Despite the persistent outflows, some traders remain constructive on the medium-term outlook. Analysts have argued that negative ETF flows—even when viewed on a 30-day moving average—do not necessarily indicate a final market top.
According to this view, prices often stabilize first, followed by ETF flows turning neutral, before sustained inflows return. Current data suggests that liquidity is temporarily inactive rather than permanently leaving the market.
Both Bitcoin and Ethereum ETF flows have remained negative since early November, but traders believe a shift back to positive net inflows could signal the next meaningful move higher once holiday-related distortions fade.
