🚨 #Bitcoin ETFs have been bleeding capital for about a week now, and Christmas didn’t really change that. Roughly $825M went out in five days, with another $175M leaving on the last U.S. trading day before the holidays. Right now, U.S.-based funds are the biggest net $BTC sellers in the market.
But this doesn’t read like panic.
It reads like timing.
Most of it lines up with year-end mechanics more than fear. Tax-loss harvesting is still happening, books are getting cleaned up, and the quarterly options expiry added another excuse to de-risk. When liquidity thins and mandates kick in selling becomes mechanical. Boring, even.
You can see that clearly in the data. The Coinbase premium stayed negative most of December, which basically tells you U.S. demand stepped aside. At the same time, Asia kept buying. Same Bitcoin. Different hands.
That’s why price feels heavy during U.S. hours, then oddly steadier elsewhere. Demand didn’t vanish. It rotated.
What's more important is what isn’t happening. This doesn’t look like a structural exit from Bitcoin. ETF flows usually lag price stabilization, not front-run it. Historically, price finds a floor first, flows go flat, and only then do inflows come back. This still looks like inactive liquidity, not destruction.
So no, this isn’t a top signal.
It’s a seasonal reset.
Once tax pressure fades and desks actually come back online, the institutional bid tends to follow. $BTC doesn’t need a new story here. It just needs the calendar to flip and liquidity to wake up again.
Watch the flows after the holidays.
That’s when the signal gets real.
