Bitcoin ETFs post unprecedented $4.57 billion two-month outflow

U.S.-listed spot bitcoin ETFs suffered their steepest outflows on record in November and December, as bitcoin prices slid roughly 20% over the same period.

After a year of strong inflows that underscored growing institutional adoption, the once high-flying spot crypto ETFs stumbled at the end of 2025, with investors pulling billions of dollars from the products. The selloff marked the weakest two-month performance since the funds launched in January 2024.

The 11 spot bitcoin ETFs posted net redemptions of $3.48 billion in November and $1.09 billion in December, bringing total outflows for the two months to $4.57 billion, according to data from SoSoValue. That figure surpasses the previous record set in February and March, when combined withdrawals reached $4.32 billion.

The sustained withdrawals signaled waning institutional demand and coincided with a sharp pullback in bitcoin’s price. Ether ETFs also faced heavy pressure, with U.S.-listed products recording more than $2 billion in outflows across November and December.

Despite the negative optics, some market participants say the data does not point to market capitulation.

“ETF outflows and ongoing liquidations are weighing on sentiment, but the market is not showing signs of panic,” said Vikram Subburaj, CEO of India-based crypto exchange Giottus. “What we’re seeing is a year-end rebalancing, with weaker hands exiting while stronger balance sheets absorb supply.”

Subburaj added that prices appear to be compressing as market participants wait for liquidity to return in January.

While bitcoin and ether ETFs lost ground, funds tied to other crypto assets saw inflows. XRP-linked ETFs attracted more than $1 billion over the two months, while Solana-focused products pulled in over $500 million, underscoring a selective rotation within the crypto ETF market.