- US spot Bitcoin ETFs recorded $175.3 million in net outflows on Christmas Eve, continuing a recent selling trend.
- Total net outflows across the past five trading days reached $825.7 million; only Dec. 17 saw inflows of $457.3 million.
- Market participants cited seasonality, tax-loss harvesting, and a record options expiry as drivers of selling.
- The Coinbase premium has been negative for much of December, signaling weaker US buying versus Asia.
Data from Farside Investors (https://farside.co.uk/btc/) showed that US spot Bitcoin ETFs posted net outflows of $175.3 million on Christmas Eve. The outflows compounded a five-day streak totaling $825.7 million in net redemptions, with Dec. 17 as the lone inflow day at $457.3 million.
Traders raised seasonality and tax effects as causes. According to a Alek post on X (https://x.com/Alek_Carter/status/2003732031323127849), “Most of the selling is due to tax loss harvesting, which means it’ll be over in a week.” He added that a large options expiry may be affecting risk appetite and that “This is temporary and institutions will back to bidding soon.”
The market also showed a persistent US-session price weakness. The Coinbase Premium — the price gap between Coinbase‘s BTC/USD and Binance‘s BTC/USDT pairs — has stayed negative through much of December, a pattern highlighted by Ted Pillows on X (https://x.com/TedPillows/status/2003885130792718840), who wrote that “US is now the biggest seller of $BTC. Asia is now the biggest buyer of Bitcoin.”
A separate X post from exitpump documented the persistent negative premium since a 90K level (https://twitter.com/exitpumpBTC/status/2003842586017227089?ref_src=twsrc%5Etfw). Trader BitBull told followers on X (https://x.com/AkaBull_/status/2003885754595062038) that 30-day moving average netflows for spot Bitcoin and Ether ETFs have been negative since early November and that “A trend change will likely start with ETF flows turning positive again before price makes a strong move.”
Definitions: “Netflows” = net money entering or leaving funds; “tax-loss harvesting” = selling assets to realize losses for tax purposes; “Coinbase Premium” = price difference between Coinbase BTC/USD and Binance BTC/USDT.
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