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U.S.-listed spot bitcoin and ether exchange-traded funds (ETFs) have recorded record outflows over the past four months, underscoring a sharp cooling in institutional demand for digital assets.
Bitcoin ETFs have seen $6.39 billion in redemptions over four consecutive months, marking the longest monthly losing streak since the funds launched in January 2024, according to SoSoValue data.
Ether ETFs have also fallen out of favor, losing $2.76 billion over the same four-month period.
The ETF outflows have coincided with major declines in both cryptocurrencies. Bitcoin, which peaked at over $126,000 in early October, has since nearly halved to around $67,000.
Ether’s decline has been steeper: it is down more than 60% from highs above $4,950 in August last year.
The scale and persistence of the outflows indicate that institutional appetite for digital assets has collapsed, helping explain the price losses in both tokens.
Spot ETFs emerged as the clearest and most observable source of sustained institutional activity after their debut in early 2024. Investors directed billions into these products during 2024 and in the months following pro-crypto Donald Trump’s U.S. election victory, supporting the bull run in both bitcoin and ether at the time.
That demand appears to have faded after an early-October crash, which was reportedly driven by pricing inefficiencies on offshore exchange Binance. While recent days have included sporadic inflows, analysts say a sustained trend is needed for any meaningful market rebound.
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