Bitcoin ETF Investors Hit the Brakes as Outflows Bite Into VanEck’s HODL Fund
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The VanEck Bitcoin Trust Shs of Benef Interest, ticker HODL, saw a sharp reversal in sentiment on December 17, 2025, with investors pulling $17.96 million from the fund. The outflow, while modest against its $1.38 billion in assets under management (AUM), still represented roughly 1.3% of total capital—enough to underscore mounting caution around Bitcoin exposure.
HODL’s AUM of $1,384,793,355 positions it as a sizable vehicle for institutional and retail access to Bitcoin, but the latest withdrawal suggests a meaningful cohort is taking risk off the table after a volatile quarter. A 1.3% one-day hit to AUM, driven purely by flows, indicates more than routine rebalancing and instead hints at investors reassessing their conviction in the underlying asset.
The related asset, BTC-USD, is currently trading at $88,918.88. Over the past three months, Bitcoin has fallen about 23.21%, erasing a significant portion of prior gains and testing the patience of momentum-driven traders. Adding to the cautious tone, the 1-day technical signal for BTC-USD is flashing a bearish bias at Sell, reinforcing the narrative that short-term technicals are aligned with the recent ETF outflows.
While long-term Bitcoin believers may view the pullback as an entry point, the combination of negative three-month performance and fresh redemptions in HODL suggests that, for now, a growing segment of the market is prioritizing capital preservation over crypto upside. For a more detailed analysis and real-time sentiment trends, check the live cryptocurrency prices here.