At the end of 2025, spot Bitcoin ETFs in the U.S. experienced their largest two-month outflow since their launch. According to SoSoValue, 11 such funds lost a combined $4.57 billion in November and December—$3.48 billion in November and another $1.09 billion in December. Concurrently, Bitcoin's price fell by 20% over the same period, drawing increased attention to the state of institutional demand.
Record Outflows from Bitcoin ETFs
The total two-month outflow of $4.57 billion is the largest since spot Bitcoin ETFs debuted in early 2024, surpassing the previous record of $4.32 billion in February–March 2025. The trend shows November was the tougher month for outflows, with December adding a significant but smaller amount. For a closer look at short-term fund movements, see the six-day outflow reflecting real-time market sell-offs.
Impact on the Cryptocurrency Market
Outflows from Bitcoin ETFs coincided with a 20% drop in Bitcoin's price during the same timeframe, heightening investor sentiment volatility. Simultaneously, investors withdrew over $2 billion from Ethereum funds in November and December, while some alternative ETFs attracted capital: XRP ETFs received over $1 billion, and SOL ETFs more than $500 million. The overall inflow and outflow picture for 2025 can be compared with the broader 2025 inflows and outflows overview, which highlights various capital flows within crypto funds.
Expert Opinions
Not everyone interprets these outflows as investor panic. Giottus exchange CEO Vikram Subburaj noted that the outflow structure and current liquidations resemble position reallocation rather than chaotic panic, with strong balances absorbing supply. He emphasized that the price is "compressing" as both sides await liquidity to return in January, indicating a supply-demand dynamic rather than an irreversible drop.
Why This Matters
Miners in Russia with any number of devices need to understand that large ETF outflows reflect declining institutional demand, which may have contributed to the 20% price drop. Even if you don't sell directly into ETFs, price changes affect mining revenue and profit-taking decisions. Meanwhile, inflows into other ETFs (XRP, SOL) show capital shifts within the crypto market, potentially influencing correlations and volatility.
What to Do?
Recommendations for miners operating from 1 to 1000 devices are straightforward and practical: monitor liquidity, control costs, and adapt your sales strategy. Below are specific steps you can implement without major changes to equipment or business models.
- Review your sales policy: reduce or postpone regular sales during strong price declines to minimize realized losses.
- Track electricity costs and maintain cost accounting to make informed decisions about the profitability of specific sites or farms.
- Diversify income storage: hold part of your revenue in fiat or stable assets to smooth income volatility.
- Monitor ETF markets and liquidity: a recovery in inflows could affect prices, so plan sales considering possible demand returns.
If you want to dive deeper into recent fund flows and short-term movements, the article on the broader 2025 ETF overview Bitcoin ETFs in 2025 is useful, and for assessing immediate outflows, the six-day outflow article provides insight into recent sales.