Crypto ETFs Experience First Monthly Outflows of 2025 as Assets Dip From September Peak: ETFGI

Despite a challenging November, global crypto exchange-traded funds (ETFs) and exchange-traded products (ETPs) recorded investments totaling $179.16 billion, reflecting an increase from the previous year. However, this month marked the first instance of net outflows in 2025, with a total of $2.95 billion withdrawn, according to recent findings from ETFGI.

Key Takeaways

November saw net outflows of $2.95 billion from crypto ETFs, marking the first such occurrence in 2025.
Total assets in global crypto ETFs reached $179.16 billion at the end of November, a 17.8% increase from the previous year.
Bitcoin and Ethereum products faced the bulk of the outflows, with declines of $2.36 billion and $1.36 billion, respectively.
Despite November's downturn, Bitcoin and Ethereum led the year-to-date inflows, attracting $26.26 billion and $12.89 billion.
The top three ETF providers hold 72.8% of the global market share for crypto ETFs.

Futures

Asset Pullbacks from Record Peaks

November’s outflows followed a significant decline from September’s record asset level of $229.53 billion, occurring as the crypto markets cooled and investors took profits after a strong performance earlier in the year. ETFGI highlighted that increased volatility in digital asset markets dampened investor sentiment throughout the month. Nonetheless, year-to-date net inflows remain robust at $47.87 billion, making this year the second strongest for crypto ETF flows, only behind 2024 which saw $72.08 billion in net inflows.

Bitcoin and Ethereum Lead Monthly Withdrawals

Products linked to Bitcoin and Ethereum contributed significantly to the November outflows. Bitcoin-focused ETFs and ETPs experienced net outflows of $2.36 billion, while Ethereum products faced withdrawals totaling $1.36 billion. By the end of November, Bitcoin-related products accounted for $142.46 billion in assets across 127 offerings, and Ethereum ETFs and ETPs held $25.05 billion across 62 products. Despite this decline, ETFGI noted that Bitcoin and Ethereum led the year-to-date inflows with $26.26 billion and $12.89 billion, respectively.

ETFGI’s data reveal that the global crypto ETF market is predominantly concentrated among a few providers. iShares remains the largest with $83.15 billion in assets, claiming a 46.4% market share, followed by Grayscale Advisors at $25.49 billion (14.2%) and Fidelity International at $21.86 billion (12.2%). The trio comprises 72.8% of global crypto ETF assets among 75 different issuers.

Growing Interest in Smaller Tokens

While Bitcoin and Ethereum maintain their leading position, there is gradual interest in smaller crypto themes. Solana-related products have garnered $1.38 billion in assets across nine offerings, with year-to-date inflows amounting to $0.90 billion. On the other hand, Cardano and Polkadot products remain relatively niche, each maintaining assets below $100 million, although both showed slight positive inflows in November.

Certain Products Defy the Trend

In an interesting development, the top 20 crypto ETFs and ETPs that gained the most in new assets collectively attracted $2.17 billion in November, countering the overall market outflows. Notably, the Canary XRP ETF led individual inflows, securing $348.82 million, showcasing a continued investor interest in select crypto exposures even amid broader market withdrawals.

Market Analysis

Market Reversal: Spot Bitcoin ETFs See $355M Inflows

On December 30, U.S. spot Bitcoin ETFs experienced a notable recovery, attracting $355 million in net inflows, thus breaking a week-long trend of capital withdrawals. This marked the highest daily inflow since mid-December, occurring after a nearly two-week period in which ETF investors consistently reduced their exposure due to declining prices and thinning year-end liquidity. Data from Sosovalue revealed that BlackRock’s iShares Bitcoin Trust led the charge, drawing in $143.75 million in new capital on that day.