Spot products log alternating inflows and outflows as investors weigh macro signals and year-end positioning

NEW YORK | December 26, 2025 — Daily flows into Bitcoin and Ethereum exchange-traded funds swung between inflows and outflows through December, underscoring a cautious tone among institutional and retail investors as the year draws to a close.

Data reviewed by this publication shows U.S. spot Bitcoin ETFs collectively recorded several sessions of net redemptions in mid-December, even as cumulative flows for the month remained modestly positive. Ethereum products, including recently launched spot funds, drew smaller but steady net subscriptions over selected trading days, pointing to selective risk-taking in the second-largest crypto asset.

Market participants said the pattern reflects a balancing act between investors locking in gains after a strong year for digital assets and desks keeping exposure in place ahead of potential policy and macro signals early next year.

According to a widely tracked Bitcoin ETF flow dashboard, U.S. spot products as a group saw net outflows on several sessions between December 11 and 24, with daily redemptions on some days exceeding $300 million equivalent. Individual funds showed divergent trends, with one large issuer posting significant withdrawals on multiple days while rivals reported smaller inflows or flat holdings.

From December 8 to 12, combined Bitcoin and Ethereum spot ETFs still attracted more than $500 million in net inflows, indicating that selling pressure at the fund level was not one-way through the period. A separate set of data for December shows U.S. spot Bitcoin vehicles tallying roughly $198 million in net subscriptions, while Ethereum funds added about $143 million over the month, despite several negative individual sessions.

Traders in Singapore noted that the mixed flow picture has come against a backdrop of relatively stable underlying prices, with Bitcoin trading near the high-$80,000 range and Ethereum around the low-$3,000s for much of the month.

Market context: Liquidity remained concentrated in large-cap digital assets during the session.

On the Ethereum side, flow trackers point to pronounced net inflows on selected days, including a session in late November when U.S. spot funds pulled in more than $60 million, led by a flagship product that absorbed over $50 million alone. More recent flash data cited by industry sources noted another burst of demand on December 22, when spot Ethereum ETFs reportedly attracted around $84 million in fresh capital, again dominated by a small cluster of funds.

Analysts in New York said the Ethereum pattern suggests a staggered build-up of positions rather than a continuous buying wave, with some investors using ETF vehicles to adjust exposure around protocol and regulatory headlines. By contrast, Bitcoin ETF flows have appeared more sensitive to macro risk signals and dollar liquidity conditions, according to those desks.

Options and futures desks reported that derivatives pricing has broadly aligned with the underlying ETF flows, with periods of heavier redemptions coinciding with softer funding rates and a flatter futures curve on major venues. Industry sources noted that on days when spot ETF inflows turned positive, basis levels and open interest in Bitcoin and Ethereum contracts tended to stabilize, suggesting that ETF demand is feeding into broader market structure.

Outside the United States, European and Asian crypto-linked products have seen smaller but directionally similar shifts, according to people familiar with regional issuers’ data. These sources said that while the bulk of daily ETF volume and net flows still sits in U.S.-listed spot funds, cross-border investors are increasingly monitoring U.S. flow data as a proxy for risk appetite across digital assets.

Regulatory developments have remained a key backdrop for ETF activity. Market participants pointed to an environment where U.S. and European regulators have clarified rules for spot Bitcoin and Ethereum products while leaving open questions around other digital asset ETPs, limiting broader expansion for now.

Funds in London adjusted exposure during December in response to signals from central banks and bond markets, with some managers reportedly trimming Bitcoin ETF holdings on days of weaker risk sentiment while maintaining Ethereum positions through selective inflow days. According to these sources, the result has been a more nuanced allocation approach that differentiates between the two leading assets rather than treating them as a single risk bucket.

In Asia, trading desks reported that regional investors continue to rely more on offshore U.S. and European products and on derivatives than on locally listed spot ETFs, which remain limited in number and size. Nevertheless, dealers said that flow patterns in New York and European hubs often shape overnight positioning in Singapore and Hong Kong, especially around month-end and quarter-end windows.

As December trading winds down, the fluctuating mix of inflows and outflows across Bitcoin and Ethereum ETFs points to a market that is neither capitulating nor embracing aggressive new risk, according to market participants. Desks across the United States, Europe and Asia are expected to continue watching daily ETF flow data as one of several gauges of sentiment heading into the new year.

Global Markets Desk | DECODE THE CRYPTO covers global cryptocurrencies, regulation, and digital finance with an institutional and macroeconomic focus.

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