U.S. spot Bitcoin ETFs record $4.57 billion outflow over two months

U.S.-listed spot bitcoin exchange-traded funds experienced their largest two-month outflow since launching in January 2024, with investors redeeming a combined $4.57 billion in November and December 2025.

Data from SoSoValue show the 11 spot BTC ETFs saw net redemptions of $3.48 billion in November and $1.09 billion in December, coinciding with a roughly 20% drop in bitcoin’s price over the same period.

The previous worst two-month stretch for these products came in February and March, when investors withdrew $4.32 billion.

U.S.-listed ether ETFs also suffered, with more than $2 billion pulled from those funds in November and December.

By contrast, some altcoin ETFs attracted inflows: XRP ETFs drew in over $1 billion across the two months, while Solana-related ETFs added more than $500 million.

“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.”

Key Topics

Crypto, United States, Bitcoin, Etfs, Outflows, Institutional, Ether