Analysis of Exchange-Traded Fund Flows (Spot Bitcoin ETFs) Net Outflows: The spot Bitcoin ETFs in the United States experienced net outflows nearing $500 million during the past week, and this trend continued with an outflow of $142.2 million on December 22 (the actual data affecting today's trading).

Details of Fund Performance:

BlackRock Fund: Despite historical dominance, the fund recorded very minimal inflows of only about $6 million, a figure that is hardly noticeable compared to the outflows from other funds, indicating that major institutions have stopped injecting new cash.

Fidelity Fund: once a strong competitor, saw outflows in recent days, reflecting profit-taking or rebalancing of investment portfolios before the year-end.

Bitwise Fund (BITB): Recorded relatively the largest outflows, amounting to about $35 million in a single session, putting pressure on net assets under management.

This temporary institutional withdrawal is mainly attributed to the "tax-loss harvesting" strategy, where funds and investors sell losing or underperforming assets to offset capital gains realized in other sectors (such as technology and artificial intelligence stocks that have performed strongly), in order to reduce the tax burden before the end of the fiscal year.