On December 23, 2025, Bitcoin Spot ETFs recorded their fourth consecutive day of net outflows, with outflow volume reaching approximately $189 million during a single trading session. This figure, while less severe than some earlier days that saw outflows exceeding $300 million, reflects the continuity of a notable selling trend in the largest category of investment products related to cryptocurrencies.
The BlackRock iShares Bitcoin Trust (IBIT) topped the list of funds most affected by outflows during this period, recording the highest percentage of negative flows among all major products. It was followed by the Fidelity Wise Origin Bitcoin Fund (FBTC) and the ARK 21Shares Bitcoin ETF (ARKB) with varying degrees of outflow.
Conversely, not all funds experienced the same fate. The Grayscale Bitcoin Trust (GBTC), which had long suffered from massive outflows after being converted to an ETF, has begun to show signs of relative stability in recent weeks, but it has not completely escaped the selling pressure in this round.
### What about the other major cryptocurrencies?
While Bitcoin faced outflow pressure, Ethereum exchange-traded funds (Ethereum Spot ETFs) returned to a negative flow area after a brief period of stability. Most of these funds recorded slight outflows, indicating that the selling pressure was not limited to Bitcoin alone but extended to the second-largest cryptocurrency by market cap.
On the other hand, some alternative currency funds have shown relatively better performance. XRP and Solana funds recorded modest inflows, reflecting continued interest from some institutional investors in these assets despite the overall gloomy climate.
### Reasons behind the continuous outflows
Several potential factors are behind this trend:
1. Approaching year-end holiday: As we enter the final days of 2025, many institutional investors tend to reduce open positions and rebalance portfolios before the end of the fiscal year, a process known as "Window Dressing."
2. Bitcoin price volatility: Following a strong rise in the market during the third and fourth quarters of the year, Bitcoin entered a noticeable corrective phase, prompting some investors to take profits or reduce risk exposure.
3. Changes in overall market sentiment: Growing concerns about future monetary policies, rising bond yields, and expectations of slight tightening in global liquidity are all factors driving investors toward safer assets at the end of the year.
### Is this the beginning of a long-term trend or just a temporary pause?
At this point, it is still early to judge whether these consecutive outflows mark the beginning of a larger downward trend or just a natural cooling-off period after a strong upward wave. Most analysts agree that Bitcoin exchange-traded funds have now become an essential part of the market infrastructure, and short-term outflows do not necessarily indicate a collapse of long-term confidence in the asset.
Nevertheless, the volume of inflows and their continuity over the next few weeks remains an important indicator. If the consecutive outflows continue after the holiday period, it may indicate a deeper change in institutional investor sentiment.
### Summary
Bitcoin exchange-traded funds (ETFs) have witnessed four consecutive days of outflows totaling over $700 million so far, amid a mix of profit-taking, seasonal rebalancing, and general market volatility. While this trend may raise concerns for some investors, it remains within the normal range of the market cycle at year-end.
With the start of 2026 just a few days away, investors' eyes will remain focused on weekly and monthly flow numbers to see if this is just a temporary pause... or the beginning of a new chapter in the Bitcoin story with financial institutions.
