Global Crypto ETFs Experience First Monthly Outflows of 2025 as Assets Decline from September Peak
Global crypto ETFs and ETPs recorded net outflows totaling $2.95 billion in November 2025, marking the first monthly withdrawals of the year. Despite this, total assets under management in global crypto ETFs/ETPs stood at $179.16 billion at the end of November, reflecting a 17.8% increase year-to-date from $152.10 billion at the close of 2024.
Year-to-date net inflows in 2025 amounted to $47.87 billion, positioning 2025 as the second-strongest year on record for crypto ETF flows, following 2024's $72.08 billion and 2021's $9.02 billion. Bitcoin-focused ETFs/ETPs experienced $2.36 billion in net outflows during November, with total Bitcoin assets reaching $142.46 billion across 127 products by month-end. Ethereum-focused ETFs/ETPs similarly faced $1.36 billion in withdrawals in November, with Ethereum assets totaling $25.05 billion across 62 products.
Bitcoin and Ethereum led the year-to-date inflows with $26.26 billion and $12.89 billion respectively. Market concentration remains notably high, with the top three providers accounting for 72.8% of assets: iShares holding $83.15 billion (46.4%), Grayscale Advisors $25.49 billion (14.2%), and Fidelity International $21.86 billion (12.2%).
Smaller themes are gaining presence, with Solana exposure amounting to $1.38 billion across nine products, while Cardano and Polkadot remain niche assets but recorded modest inflows in November. The top 20 crypto ETFs/ETPs by net new assets in November attracted a combined $2.17 billion, led by The Canary XRP ETF with inflows of $348.82 million.
A note from December 30 indicates that spot Bitcoin ETFs posted $355 million in net inflows, ending a seven-day run of withdrawals. BlackRock’s iShares Bitcoin Trust contributed $143.75 million to these inflows.
