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.