Spot bitcoin ETFs listed in the U.S. posted their largest-ever outflows in November and December, tracking a nearly 20% decline in bitcoin prices during the same period.

The late-year pullback marked the worst stretch on record for the spot crypto exchange-traded funds, which had previously been among the strongest vehicles for institutional exposure to digital assets. Investors withdrew billions of dollars from the products, capping a difficult end to 2025.

The 11 spot bitcoin ETFs recorded net outflows of $3.48 billion in November, followed by $1.09 billion in December. Combined redemptions reached $4.57 billion over the two months — the largest since the ETFs launched in January 2024, according to data from SoSoValue. The previous record outflow occurred in February and March, when investors pulled $4.32 billion.

The sustained selling pointed to a softening in institutional demand for bitcoin and unfolded alongside a sharp price correction. Ether ETFs also faced year-end pressure, with U.S.-listed products seeing more than $2 billion in withdrawals over November and December.

Despite the scale of the outflows, some analysts argue the market response has been orderly rather than panicked.

“ETF outflows and continued liquidations are weighing on sentiment, but the broader structure remains stable,” said Vikram Subburaj, CEO of India-based crypto exchange Giottus. “This appears to be a period of balance, with weaker holders exiting into year-end and stronger participants absorbing supply.”

Subburaj added that prices are consolidating as investors wait for liquidity conditions to improve in January.

While bitcoin and ether ETFs struggled, other crypto-linked funds attracted fresh capital. XRP ETFs drew more than $1 billion in inflows during the two months, while Solana-focused ETFs added over $500 million, signaling a selective shift toward alternative digital assets.