Bitcoin ETFs Suffer Record $4.57B Outflows in Two-Month Slide
U.S. spot Bitcoin ETFs recorded their largest two-month outflow streak since launch, losing $4.57 billion in November and December 2025.
U.S. spot Bitcoin ETFs experienced their worst two-month stretch on record, bleeding $4.57 billion in combined outflows during November and December 2025.
What Happened
The 11 U.S. spot Bitcoin ETFs suffered $3.48 billion in outflows during November, followed by an additional $1.09 billion in December. This marks the largest two-month outflow since Bitcoin ETFs launched in January 2024.
Bitcoin's price fell nearly 30% during this period, retreating from October highs near $126,000 to trade in the $86,500 to $90,000 range. Ethereum ETFs were hit even harder proportionally, losing over $2 billion during the same stretch.
Why It Matters
Despite the headline-grabbing outflows, analysts caution against reading this as institutional capitulation. Vikram Subburaj, CEO of Giottus exchange, noted that the market structure "does not resemble panic" but rather reflects "weak hands exiting into year-end" while "stronger balance sheets absorb supply."
Notably, not all crypto ETFs struggled. XRP ETFs attracted over $1 billion in inflows during November and December, while Solana ETFs pulled in more than $500 million. This selective positioning suggests institutional investors are rotating rather than retreating entirely.
What to Watch
The new year brings fresh portfolio allocations. Bitcoin ETFs recorded $355 million in inflows on December 30, snapping a seven-day losing streak. Market participants will monitor whether this momentum carries into January or proves short-lived. With Bitcoin consolidating near $89,000, the next major move could depend on whether institutional capital returns in force.
Key Takeaways
The record outflows mark a sobering end to 2025 for Bitcoin ETFs, but the broader context tells a nuanced story. Year-end repositioning and tax-loss harvesting likely amplified the exits. As 2026 trading begins in earnest, all eyes remain on whether fresh capital flows can reverse the trend.
