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Bitcoin ETFs lose $825M in five days as US becomes 'biggest seller' of BTC
Bitcoin ETF performance remained negative on Christmas Eve as a short final US trading session produced another $175 million in net outflow
Analysis: Bitcoin institutional bid to return “soon”
Data from UK-based investment company Farside Investors confirmed that on Christmas Eve, net outflows from the US spot Bitcoin exchange-traded funds (ETFs) totaled over $175 million.
Bitcoin institutional capital saw no reason to wrap up for the holidays while Wall Street was still open this week.
Farside shows that a lengthy spate of selling continued right up until the last pre-Christmas US trading session ended, with net outflows at $175.3 million.
The tally is similar to that of the past five trading days, which each ended “in the red” for total net outflows of $825.7 million. Since Dec. 15, every trading day has been red except for Dec. 17, which managed to attract
Commenting, market participants attributed the ETFs’ weak performance to seasonality.
“Most of the selling is due to tax loss harvesting, which means it'll be over in a week,” trader Alek wrote in a post on X.
Alek further noted that Friday’s record options expiry event could be impacting risk appetite.
“This is temporary and institutions will back to bidding soon,” he added.
$BTC