Bitcoin and Ethereum ETFs see a $580 million outflow in a single day; where is market confidence heading?

According to SoSoValue data, on December 15, the US spot Bitcoin ETF experienced a single-day net outflow of up to $357.6 million, marking the largest single-day redemption in nearly two weeks. Meanwhile, Ethereum ETFs also saw $234 million in funds withdrawn.

The digital asset market has not experienced a complete bloodbath; since its launch in November, XRP spot ETF has accumulated net inflows exceeding $1 billion, and during the same period, Solana spot ETF’s total net inflow reached $672.48 million.

01 Overview of Capital Flows

Based on comprehensive data from Farside Investors and SoSoValue, December 15, 2025, has become a key point in the recent digital asset market. The spot ETFs for Bitcoin and Ethereum have experienced significant capital outflows.

Specifically, Bitcoin ETF net outflows reached $357.6 million, 1.53 times the outflows of Ethereum ETF, setting a record for the largest single-day outflow since November 20.

From a longer-term perspective, from mid-November to mid-December, the total net outflow of US spot Bitcoin and Ethereum ETFs reached $4.6 billion. This is not an isolated event but a continuation of institutional capital reallocation.

02 Structural Analysis of Institutional Withdrawals

ETF capital outflows are mainly driven by large institutional investors, whose withdrawals reflect widespread concerns about short-term market trends and macroeconomic pressures.

In the Bitcoin ETF market, Fidelity’s FBTC was the main driver of outflows, with a single-day outflow of $230.1 million, followed by Bitwise’s BITB, which withdrew about $44.3 million.

The situation in the Ethereum ETF market is similar, with BlackRock’s ETHA leading the outflows, with a single-day outflow of $139.09 million, and Grayscale’s ETHE also withdrew $35.1 million.

Fund outflows are often related to portfolio rebalancing mechanisms. When asset prices fall below key support levels, institutional risk control systems automatically trigger exit strategies. This disciplined withdrawal is fundamentally different from retail investors’ panic selling.

03 Market Performance and Price Impact

Capital outflows have created a self-reinforcing cycle with market price declines. On December 15, Bitcoin’s price fluctuated between $85,000 and $87,000, while Ethereum remained in the $2,900 to $2,930 range.

Ethereum’s performance was particularly weak, with the price briefly falling below the $3,000 psychological threshold on December 16, reaching a low of $2,895. Three consecutive days of ETF outflows totaled $286.5 million, intensifying market selling pressure.

Market liquidity has significantly tightened, with large institutional redemptions and decreased trading volume at year-end. When institutions redeem ETF shares, fund managers must sell underlying assets proportionally, creating actual mechanical selling pressure.

04 Market Segmentation and Capital Rotation

Despite continuous capital outflows from Bitcoin and Ethereum, other areas of the digital asset market show different signs, indicating that investors are not retreating entirely but engaging in selective allocation.

XRP spot ETF has performed outstandingly, maintaining net inflows for 30 consecutive days since its launch in November, with total net inflows exceeding $1 billion, forming a stark contrast to the ongoing outflows of Bitcoin and Ethereum.

Since its launch at the end of October, Solana spot ETF has also accumulated net inflows of $672.48 million. This divergence trend indicates that institutional capital is reassessing the risk-return profiles of different digital assets.

05 Role of Major Trading Platforms

In the flow of funds within the cryptocurrency market, major trading platforms play a key role. According to Coinglass data, over the past 7 days, centralized exchanges have shown overall net outflows.

During this period, Gate Exchange had a net inflow of 415.60 ETH, making it one of the few platforms with net inflows. This difference reflects investors’ capital allocation behavior across different platforms.

As institutional investors adjust their digital asset allocations, trading platforms are also facing new demands, including more efficient trade execution, richer investment products, and more robust risk management tools.

06 Macro Context and Future Outlook

The current capital flows in the cryptocurrency market are closely related to the global macroeconomic environment. Although the Federal Reserve has recently implemented rate cuts, digital asset prices remain relatively weak.

Investors are closely watching upcoming US non-farm payroll data and consumer price index figures, which will influence market expectations for future monetary policy. The labor market and inflation remain the two main considerations for the Fed when adjusting interest rates.

From a technical analysis perspective, a large bearish flag pattern has formed on Ethereum’s daily chart, confirming a “death cross,” which increases the likelihood of further price declines.

Comparison of Mainstream Digital Asset ETF Capital Flows (December 15)

As of December 17, the latest Bitcoin quote on Gate Exchange is approximately $86,200, and Ethereum is around $2,950. The market remains highly volatile.

Investors are preparing for possible further price corrections. Analysts note that if Ethereum falls below the lower boundary of the flag pattern, it may test the November low of $2,620.

The rotation of funds from traditional mainstream cryptocurrencies to other digital assets may continue, reflecting institutional investors’ diversification needs and their differentiated assessment of the long-term potential of various digital assets.

The linkage between the cryptocurrency market and the global financial markets is increasing, and future capital flows will be more closely influenced by macroeconomic indicators and traditional market sentiment.