Spot bitcoin and ether ETFs saw another round of outflows on Dec. 24 as traders moved into the Christmas break with reduced liquidity and a weaker appetite for risk.

SoSoValue data showed bitcoin spot ETFs posted $175 million in net outflows on Wednesday, while ether spot ETFs showed $57 million in outflows.

The biggest single-day exit came from BlackRock’s IBIT, which saw $91.37 million leave the fund. Grayscale’s GBTC followed with a $24.62 million outflow.

Ethereum spot ETFs also lost ground. SoSoValue reported $52.7 million in net outflows on the day.

Grayscale’s ETHE led the selling pressure with a $33.78 million outflow, bringing its cumulative historical net outflows to $5.083 billion.

The only notable offset came from Grayscale’s Ethereum Mini Trust ETF ETH$2,942.66, which recorded a $3.33 million inflow and has now reached $1.506 billion in cumulative inflows.

The pattern fits what tends to happen around major holidays. Trading volumes drop sharply, desks run lighter, and positioning becomes more defensive.

In that environment, even modest orders can have an outsized effect on ETF flows, especially when market makers widen spreads and investors prefer to sit on cash rather than carry exposure through illiquid sessions.

Outflows also do not automatically mean investors are turning bearish. Some flows reflect routine rebalancing, tax management, or rolling exposure between products.

But the direction matters because these ETFs have become a visible proxy for institutional demand. When flows turn negative for several sessions, it reinforces the idea that crypto still behaves like a risk asset that struggles when liquidity tightens.