U.S.-listed spot bitcoin exchange-traded funds (ETFs) recorded their worst two-month performance on record in November and December 2025. Investors pulled a combined $4.57 billion from the funds as bitcoin prices fell sharply.
Data from SoSoValue shows the 11 spot bitcoin ETFs saw $3.48 billion in outflows in November. Another $1.09 billion left the funds in December. This was the largest two-month withdrawal since spot bitcoin ETFs launched in January 2024.
During the same period, bitcoin’s price dropped about 20%. The decline suggests weaker institutional demand, as ETFs have been a major entry point for large investors.
Ether ETFs also faced heavy losses. More than $2 billion flowed out of U.S.-listed ether ETFs in November and December, adding to pressure across the crypto market.
Despite the negative numbers, some analysts say the market is not in panic. Vikram Subburaj, CEO of India-based crypto exchange Giottus, said the outflows reflect weaker investors exiting before year-end, while stronger buyers absorb supply. He added that prices are moving sideways as markets wait for fresh liquidity in January.
Not all crypto ETFs struggled. XRP ETFs attracted over $1 billion in inflows during the two months. Solana-based ETFs also gained interest, pulling in more than $500 million.
The data shows investors shifting preferences rather than leaving crypto entirely, as the market enters 2026 after a volatile end to the year.
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