Рождественские оттоки: $284 млн из биткоин и эфириум ETF в преддверии праздников Translated: Christmas Outflows: $284 Million from Bitcoin and Ethereum ETFs Ahead of the Holidays

In 2025, Bitcoin continued to be the clear favorite among institutional investors.

On December 23, at the start of the Christmas holidays, exchange-traded funds (ETFs) based on the two largest cryptocurrencies by market capitalization experienced outflows totaling $284.1 million.

Investors withdrew $188.6 million from Bitcoin ETFs, marking a negative trend for the fourth consecutive day.

The BlackRock IBIT product saw an outflow of $157.3 million. Meanwhile, Fidelity’s FBTC, Grayscale’s GBTC, and Bitwise’s BITB experienced losses of $15.3 million, $10.2 million, and $5.7 million, respectively.

Ethereum-based funds lost $95.5 million, having attracted $84.6 million the day before.

The largest outflow was recorded in Grayscale’s ETHE, which saw $50.9 million withdrawn. BlackRock’s ETHA, Bitwise’s ETHW, and Franklin Templeton’s EZET suffered declines of $25 million, $13.9 million, and $5.6 million, respectively.

Vincent Liu, Chief Investment Officer at Kronos Research, attributed the negative trend in the sector to seasonal technical factors rather than a shift in long-term sentiment. He suggested that market movements are driven by reduced liquidity during holidays, planned portfolio adjustments, and the natural tendency for investors to secure profits before the year ends.

«The flows have been volatile for the past couple of months, and some level of risk reduction at year-end along with balance-sheet adjustments is normal, especially after a turbulent fourth quarter,» added Rick Maeda, a researcher at Presto Research.

XRP-based ETFs have consistently attracted capital for 27 consecutive trading sessions. On December 23, they saw inflows of $8.1 million, bringing the total since their launch to $1.1 billion.

These products manage coins worth $1.2 billion, reflecting 0.98% of the total cryptocurrency supply, with the largest fund being XRPC from Canary.

Solana ETFs also continue to show favorable trends. On December 22, these products received $7.4 million, with total inflows reaching $754.2 million.

The altcoin-based ETFs manage $940.9 million, which is 1.3% of Solana’s total issuance.

In 2025, Bitcoin remained the preferred choice for institutional investors, consistently holding a sector share in Bitcoin ETFs of 70-85%, according to The Block. Major players view the first cryptocurrency as the primary entry point into the market, approaching other digital assets with greater selectivity and caution.

Since January, Bitcoin-focused products have attracted over $21.7 billion. However, total assets under management have decreased from $119 billion to $114 billion amid asset corrections.

Trading volumes have remained stable, but December saw a shift, with daily turnover often failing to reach $5 billion throughout the month.

Ethereum captured 15-30% of the crypto-ETF sector share, signaling improved sentiment towards altcoins in general. These instruments have attracted $5.8 billion since the beginning of the year.

It is worth noting that in December, one of the largest asset management firms in the world, Vanguard Group, opened access to cryptocurrency-based ETFs for its clients.