Bitcoin ETFs lose record $4.57 billion in two months

• U.S.-listed spot ETFs experienced their worst two-month stretch on record through November-December, with net outflows totaling $4.57 billion.
• Bitcoin's price dropped 20% during this period, reflecting a decline in institutional interest.
• Ether ETFs lost over $2 billion.

The once-super-hot U.S.-listed spot crypto exchange-traded funds (ETFs) ran into their worst stretch on record in the final two months of 2025, as investors yanked billions, capping a brutal year-end for a product that has been a key driver of institutional adoption.

The 11 spot ETFs cumulatively registered a net outflow of $1.09 billion in December after a much steeper $3.48 billion in November. That amounts 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% slide 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 U.S.-listed ether ETFs had a rough year-end, too, as investors withdrew over $2 billion from these funds over November and December.

These outflows seem to paint a grim picture of the market, but some experts disagree.

"ETF outflows and steady liquidations are weighing on sentiment, but the structure does not resemble panic. Instead, this appears to be a market in equilibrium, as weak hands are exiting into year-end and stronger balance sheets are absorbing supply," Vikram Subburaj, CEO of India-based Giottus exchange, said in an email.

"The 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 pulled in more than $500 million.

• KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
• This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
• Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
• Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
• Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.

• ICP rose about 2.7% to roughly $3.00, reclaiming a closely watched psychological level.
• Trading activity increased during the move higher, accompanying the push through resistance near $2.95–$3.00.
• Price has since stabilized just above $3, keeping attention on whether the level can hold as near-term support.

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