The prolonged outflow from spot Bitcoin and spot Ethereum ETFs (exchange-traded funds) is an indication that institutional investors have retreated from the crypto space, according to analytics platform Glassnode.
In an X afterAccording to the platform, the 30-day Simple Moving Average (SMA) of net inflows for both the BTC and ETH products has turned and remained negative since early November.
“This persistence signals a phase of muted participation and partial withdrawal from institutional allocators, amplifying the broader liquidity contraction in the crypto market,” Glassnode added.
BlackRock’s Spot Bitcoin ETF manages to record some inflows during the series
US spot Bitcoin ETFs are now on a four-day negative flow streak facts from Farside Investors. This is after investors pulled another $188.6 million from the products in the last trading session.
US Spot BTC ETF Flows (Source: Farside Investors)
Amid continued net outflows for spot Bitcoin ETFs in the US, BlackRock’s product (IBIT) has managed to register some inflows. While the fund outflowed $157.3 million and $173.6 million yesterday and on December 19, respectively, the fund saw its reserves come in on December 18, when the streak began, and on December 22.
Investors added $32.8 million to IBIT on December 18, and another $6 million on December 22.
The only other net inflows recorded during the last outflow series came from Fidelity’s FBTC. On December 19, investors injected $15.3 million into the fund.
Ethereum ETFs continue their outflows after ending the multi-day streak
While spot BTC ETFs extend their streak of negative flows to four days, ETH ETFs have seen fresh outflows after managing to break a multi-day streak at the start of the week.
During yesterday’s trading session, investors raised $95.5 million from the Farside Investor product facts shows.
Ethereum ETF Flow (US$ million) – 12/23/2025
TOTAL NET CURRENT: -95.5
ETHA: -25
CONQUEST: 0
Etw: -14
HOT: 0
Etv: 0
FLEECE: 0
AZET: -5.6
SHE: -50.9
ETH: 0For full details and disclaimers, visit:https://t.co/FppgUwAthD
— Farside Investors (@FarsideUK) December 24, 2025
A day earlier, the funds saw net daily inflows of $84.6 million, ending a rough patch for the products.
Before that capital injection, the US spot ETH ETFs had experienced an outflow that started on December 11th and ended on December 19th. During this period, $705.6 million left the fund, with much of this outflow coming from BlackRock’s ETHA product.
BlackRock says its Bitcoin ETF was a key investment theme in 2025
While Glassnode says the continued outflows from spot BTC and ETH ETFs are indicative of an institutional pullback from crypto, other analysts have said BlackRock appears unfazed by the market’s current slump.
That’s after the asset management giant highlighted its Bitcoin ETF spot as one of the three biggest investment themes in 2025, alongside government bonds and the biggest US tech stocks.
BlackRock lists its biggest investment themes in 2025 (source: iShares)
Nate Geraci, Chairman of NovaDius Wealth Management, said on
Bloomberg ETF analyst Eric Balchunas echoed a similar sentiment. He asked how well IBIT could perform in “a good year,” noting that the fund saw $25 billion in capital flows this year while posting negative returns for the year.
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