The spot Bitcoin ETF market has indeed been lively over the past week. During the Christmas week, net outflows reached $782 million, which is quite significant. Among them, Blackstone's IBIT fund experienced a single-day outflow of over $193 million, performing the worst.

The total assets of the entire spot ETF also retreated from a high of $11.35 billion, and this downward trend has continued for six consecutive days. It seems that many large investors and institutions have chosen to reduce their holdings at this time.

The underlying reasons are not actually complicated. The end-of-year period naturally triggers two forces: first, many investors are dealing with tax issues by selling to realize losses for tax deductions; second, some holders choose to lock in gains and convert this year's profits into real cash. This combination of factors naturally puts temporary pressure on liquidity.