[U.S. Spot ETFs See Net Outflows of $4.57 Billion in November-December 2025] According to Coindesk, U.S.-listed spot ETFs experienced their worst two months in history during November and December, with total net outflows reaching $4.57 billion. Ethereum ETFs saw outflows exceeding $2 billion. During this period, Bitcoin's price dropped by 20%, reflecting a decline in institutional investor interest.