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Spot Bitcoin and Ether exchange-traded funds (ETFs) extended their outflows streak on Tuesday, signaling that institutional investors are paring exposure ahead of the Christmas holiday.

Net daily outflows from spot Bitcoin ETFs reached $188.6 million on December 23, extending their outflow streak to four straight days, per data from SoSoValue. 

Investment giant BlackRock’s iShares Bitcoin Trust (IBIT) ETF is the largest driver of Tuesday’s outflows. The product saw $157.3 million in net redemptions. Selling was spread across Fidelity’s FBTC, Grayscale’s GBTC, and Bitwise’s BITB.

The 11 spot Bitcoin ETFs witnessed $497.1 million in investor money exit over the last week, erasing a brief moment of inflows in the week ended Dec. 12.

The ETFs are considered a bellwether for institutional sentiment, which has been a key market driver for most of this year but seemingly turned bearish after the psychological $90,000 support level was breached. 

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More importantly, Bitcoin is currently trading 30.8% below its all-time high of $126,000, a pullback that could signal the end of the bullish phase that extended into October.

Ether spot ETFs also posted $95.5 million in net outflows on Tuesday, reversing $84.6 million in inflows a day earlier. Outflows were led by Grayscale’s ETHE, which shed $50.9 million.

At the same time, spot XRP ETFs extended their uninterrupted inflow streak, logging $8.2 million in net inflows on Tuesday. The XRP ETFs have not experienced a single net outflow day since their debut, and the products recently surpassed $1 billion in assets under management. 

The five major XRP ETF issuers, Canary Capital, 21Shares, Grayscale Investments, Bitwise Asset Management, and Franklin Templeton, currently have $1.25 billion in net assets, data from SoSoValue shows.

Still, investors need to maintain a cautiously upbeat tone as the Christmas holiday brings a low-volume, low-liquidity regime, which could spark volatility and liquidations.