U.S.-listed spot bitcoin ETFs recorded their deepest outflows on record in November and December, as bitcoin prices fell nearly 20% during the same period.
The once high-performing spot crypto exchange-traded funds suffered their weakest two-month run since debuting in January 2024, with investors withdrawing billions of dollars into year-end. The heavy redemptions capped a difficult close to 2025 for products that had been a central channel for institutional crypto exposure.
The 11 spot bitcoin ETFs posted net outflows of $3.48 billion in November and $1.09 billion in December, bringing total withdrawals to $4.57 billion over the two months, according to SoSoValue data. The figure eclipsed the previous two-month record set in February and March, when redemptions totaled $4.32 billion.
The sustained outflows reflected a cooling in institutional demand and coincided with a sharp pullback in bitcoin prices. Ether ETFs also faced significant pressure, with U.S.-listed products seeing more than $2 billion in outflows over November and December.
Despite the bleak headline numbers, some market participants say the flows do not suggest capitulation.
“ETF outflows and persistent liquidations are weighing on sentiment, but the market structure remains orderly,” said Vikram Subburaj, CEO of India-based crypto exchange Giottus. “This looks more like a period of equilibrium, with weaker hands exiting and stronger balance sheets absorbing supply.”
Subburaj added that prices are compressing as investors wait for liquidity conditions to improve in January.
In contrast, ETFs linked to other crypto assets saw renewed interest. XRP-focused funds attracted more than $1 billion in inflows over the two months, while Solana ETFs pulled in over $500 million, pointing to a selective rotation within the crypto ETF landscape.
