According to PANews, U.S.-listed spot Bitcoin ETFs experienced unprecedented outflows in November and December 2025, totaling $4.57 billion. In November, 11 spot Bitcoin ETFs saw a net outflow of $3.48 billion, followed by an additional $1.09 billion in December. This marks the worst two-month performance since the ETFs were launched in January 2024, surpassing the previous record of $4.32 billion in outflows during February and March. Meanwhile, Ethereum ETFs also faced outflows exceeding $2 billion during the same period. In contrast, XRP ETFs attracted over $1 billion in inflows, and SOL ETFs saw inflows exceeding $500 million.