Net Daily Outflows from Spot Bitcoin ETFs Reach $188.6 Million on December 23, Extending Four-Day Streak

Data from Company SoSoValue show that net daily outflows from spot Bitcoin ETFs totaled $188.6 million on December 23, marking the fourth consecutive day of withdrawals. This continued outflow sequence highlights a notable shift in investor behavior that could have short-term implications for Bitcoin liquidity and price action.

ETF flows are widely regarded as a proximate indicator of institutional and retail appetite. When spot Bitcoin ETFs experience sustained net outflows, selling pressure may increase on underlying Bitcoin holdings, reducing near-term upward momentum. Conversely, persistent inflows often act as a tailwind for price appreciation. The reported $188.6 million outflow on December 23 therefore signals a temporary reduction in demand for ETF-based exposure to Bitcoin.

Market participants should consider both the magnitude and the persistence of flows. A single large outflow can be noise; however, a four-day streak suggests a developing trend rather than an isolated event. Traders and portfolio managers will evaluate whether this pattern reflects profit-taking, tax-year rebalancing, macro-driven risk-off sentiment, or rotation into other assets.

From a technical perspective, continued ETF outflows may pressure near-term support levels for Bitcoin. Analysts monitoring on-chain indicators and order book depth will watch for increased sell-side liquidity at common support zones. If outflows persist, the probability of testing lower support bands—where long-term holders and miners might step in—could rise. Conversely, a rapid return of inflows would relieve downside pressure and could help re-establish short-term bullish momentum.

Liquidity dynamics matter: ETF outflows can force market participants to liquidate spot positions or rebalance derivative hedges, amplifying price moves. The timing around December 23 also matters because year-end positioning, tax planning, and reduced market liquidity during holiday periods can exacerbate volatility. Investors should therefore be mindful that flows reported on single days may have outsized price impacts in thin markets.

Institutional investors and macro-focused funds may be particularly sensitive to macroeconomic headlines and positioning adjustments. If macro uncertainty or risk-off events persist into the new year, ETF outflows could continue, maintaining downward pressure on short-term price action. On the other hand, any positive policy developments, improved macro data, or renewed risk appetite could quickly reverse flows and sentiment.

In summary, the reported $188.6 million net outflow on December 23, according to Company SoSoValue, and the four-day withdrawal streak represent a meaningful short-term signal. Market participants should monitor subsequent daily flow reports, on-chain activity, and order book dynamics to determine whether this pattern is transient or the start of a larger redistribution of ETF-held Bitcoin. Traders should also pay attention to established support and resistance levels to gauge potential price reactions as flows evolve.