The once super-hot US-listed spot crypto exchange-traded funds (ETFs) ran into their worst stretch ever in the final two months of 2025 as investors pulled billions, capping a brutal year-end for a product that has been a key driver of institutional adoption.
The 11 spot ETFs cumulatively recorded net outflows of $1.09 billion in December after a much steeper $3.48 billion in November. That equates to a combined two-month redemption worth $4.57 billion, the largest since their debut in January 2024, according to data source SoSoValue.
The wave of outflows indicates a marked decline in institutional appetite for the leading cryptocurrency and coincided with a 20% drop in bitcoin’s price over the same period. The previous worst two-month stretch came in February and March, when investors pulled a total of $4.32 billion.
The US-listed ether ETFs also had a rough end to the year, as investors pulled over $2 billion out of these funds during November and December.
These outflows seem to paint a bleak picture for the market, but some experts disagree.
“ETF outflows and steady liquidations weigh on sentiment, but the structure does not look like panic. Instead, this appears to be a market in equilibrium as weak hands head into year-end and stronger balances absorb supply,” Vikram Subburaj, chief executive of the India-based Giottus exchange, said in an email.
“Price is compressing as both sides wait for liquidity to return in January,” Subburaj added.
While bitcoin and ether ETFs lost investor favor, XRP ETFs attracted over $1 billion in inflows in November and December. Meanwhile, Solana’s SOL ETFs brought in more than $500 million.
