The previously thriving U.S.-listed spot crypto exchange-traded funds (ETFs) faced their toughest period on record during the last two months of 2025, as investors withdrew billions, resulting in a challenging year-end for a product pivotal in institutional adoption.
The 11 spot ETFs collectively experienced a net outflow of $1.09 billion in December, following a significantly larger $3.48 billion in November. This totals a two-month redemption of $4.57 billion, marking the highest since their introduction in January 2024, according to data from SoSoValue.
This wave of outflows reflects a noticeable decline in institutional interest in the leading cryptocurrency and coincided with a 20% drop in bitcoin’s price during this timeframe. The previous worst two-month period occurred in February and March, when total withdrawals reached $4.32 billion.
Ether ETFs listed in the U.S. also struggled at year-end, with investors withdrawing over $2 billion from these funds in November and December.
While these outflows paint a dire picture of the market, some experts offer a different perspective.
“ETF outflows and ongoing liquidations are impacting sentiment, but the situation does not appear to be one of panic. This resembles a market in equilibrium, where weaker investors are exiting as the year closes, while stronger balance sheets are taking on supply,” stated Vikram Subburaj, CEO of the India-based Giottus exchange, in an email.
“Prices are stabilizing as both sides await a return of liquidity in January,” Subburaj continued.
Despite the decline in bitcoin and ether ETFs, XRP ETFs attracted more than $1 billion in inflows during November and December, while Solana’s SOL ETFs garnered over $500 million.
