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U.S. spot Bitcoin ETF records $782 million outflow during Christmas week
Source: Yellow Original Title: Bitcoin ETFs experience outflows of $782 million during Christmas week amid holiday trading
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Market Overview
U.S. spot Bitcoin ETFs saw a $782 million outflow during the Christmas week. Investors withdrew $782 million from these products during the holiday period, according to SoSoValue data.
The largest single-day outflow occurred on Friday, with $276 million leaving these funds.
BlackRock Inc. (NYSE: BLK)’s IBIT fund led the outflows with nearly $193 million redeemed. Fidelity Investments’s FBTC fund followed closely, with $74 million outflow.
What happened
The outflows on Friday marked the sixth consecutive day of net outflows for spot Bitcoin ETFs. This represents the longest redemption streak since early autumn. Over the six days, a total of more than $1.1 billion was withdrawn.
The total net asset value of U.S.-listed spot Bitcoin ETFs fell to approximately $113.5 billion on Friday. This is below the high of over $120 billion recorded in early December.
Throughout the period, Bitcoin prices remained relatively stable, fluctuating around $87,000.
Why it matters
Kronos Research Investment Director Vincent Liu stated that outflows during the holiday period are not uncommon. He pointed out that “position adjustments” and decreased liquidity during the holidays, rather than weakening institutional demand, are the main factors.
“When trading desks return in early January, institutional flows typically resume and normalize,” Liu told Cointelegraph.
Blockchain analytics firm Glassnode reported that the 30-day moving average of flows into U.S. spot Bitcoin ETFs and crypto ETFs has remained negative since early November. The firm noted that this indicates that, as overall market liquidity tightens, institutional allocators are participating at a moderate level.