TLDR
Over the past week, the largest outflows were in US spot Bitcoin ETFs, led by BlackRocks iShares Bitcoin Trust (IBIT), with Fidelitys Wise Origin (FBTC) also seeing sizable redemptions.
- Christmas week net outflows were about $782M, with the worst day at $275.9M, led by IBIT and FBTC per a market update.
- On 26 Dec (UTC), IBIT saw about $192.61M out, FBTC $74.38M, and GBTC modest $8.89M per a flows snapshot.
- Spot Ether ETFs also had outflows that day, led by BlackRocks ETHA ($22.12M) and Grayscales ETHE ($16.58M) per the same report.
Deep Dive
1. Weekly Pattern
Christmas week saw a sustained withdrawal stretch from US spot Bitcoin ETFs, totaling roughly $782M, with the heaviest single day at $275.9M. IBIT and FBTC led that days redemptions (see the market update above).
Outflows were attributed to holiday positioning and thin liquidity rather than a structural shift. A few days later, funds reversed course with $355M of net inflows, ending the seven?day bleed as liquidity improved in late December (see the report above).
Flows can swing around holidays. For signal, focus on multi?day net trends, not a single print.
2. Leaders By Outflow
On 26 Dec (UTC), the biggest daily outflows were concentrated in the largest products: IBIT about $192.61M, FBTC $74.38M, while Grayscales GBTC saw a smaller $8.89M (see the flows snapshot above).
These concentrated redemptions accounted for most of that days net outflow. Across the week, IBIT frequently topped the outflow leaderboard on down days, reflecting its size and dominance.
When IBIT prints large redemptions, aggregate flows and near?term price action can feel heavier because it is the biggest fund by assets.
3. Ether ETFs Also Saw Outflows
The pressure wasnt limited to Bitcoin. On the same 26 Dec session, spot Ether ETFs recorded net outflows, led by BlackRocks ETHA at $22.12M and Grayscales ETHE at $16.58M (see the flows snapshot above).
While smaller than BTC flows, the pattern shows cross?asset de?risking into year?end, consistent with holiday rebalancing and thin liquidity conditions.
When both BTC and ETH funds see outflows together, it typically signals a broader risk?off or calendar rebalancing, not an isolated product issue.
Conclusion
Largest outflows last week clustered in the biggest US spot Bitcoin ETFs, especially IBIT, with FBTC also seeing meaningful redemptions, and ETH funds showing smaller but similar pressure. If you meant non?crypto ETFs instead of crypto, say the segment and window you care about, and I can pull that list next.
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