Key Insights:
- Bitcoin ETF daily net outflow for New Year’s Eve was $348.1 million, with BlackRock shedding the most among the 8 sellers. The other 4 reported zero activity.
- BTC ETFs’ net assets rose 4% year over year despite shedding over $4B in November and December 2025.
- Bitcoin treasuries and ETFs hold around 15% of the total BTC supply, according to Glassnode data.
US Bitcoin spot exchange-traded funds (ETFs) posted net outflows of $348.1 million on December 31st, closing 2025’s last month with monthly net outflows of $1.09 billion.
BlackRock (IBIT), the largest Bitcoin ETF by net assets, reported $67.29 billion in net assets at year-end. It reflected a 30% year-over-year increase.
Meanwhile, Bitcoin price continued to remain pinned between $87,000 and $90,000.
Although November and December 2025 saw sharp net outflows, the net assets of Bitcoin ETFs rose by roughly $4 billion over the year. Analysts pointed out that ETFs and treasuries are rapidly capturing Bitcoin supply.
Bitcoin ETFs End 2025 With $113.3B in Net Assets
Monthly net outflows in December 2025 totaled $1.09 billion, according to SoSoValue data. Net assets stood at $113.29 billion as of December 31, 2025. That reflected a 33.1% decline from the all-time high (ATH) of $169.54 billion recorded on October 6, 2025, when BTC price hit an ATH of $126,000.
IBIT posted Wednesday’s biggest net outflow at $99.05 million. Other major outflows include $76.53 million by Ark & 21Shares (ARKB), $69.09 million by Grayscale (GBTC), and $66.58 million by Fidelity (FBTC).
On Tuesday, Bitcoin ETFs posted net inflows of around $355 million. However, combined with Monday’s net outflows of $19 million, the ongoing week remains negative.
10 out of the 12 Bitcoin spot ETFs posted monthly net outflows in December. BlackRock accounted for nearly half of the month’s net outflows with its monthly net outflow of $473.75 million. GBTC ETF posted monthly net outflows of $237.92 million; GBTC has not recorded a single month of net inflows since inception.
FBTC managed to post monthly net inflows of $86.6 million and WisdomTree (BTCW) added $1.93 million.
Valkyrie reported $0 net flows for December 2025 and marked the biggest year-over-year drop in net assets (-40%).
December’s worst net daily net outflows were reported on the 15th, at $357.69 million. Just two days later, on the 17th, the month’s biggest single-day net inflows were seen at $457.29 million.
All 12 products displayed sharp falls from their ATH by New Year’s Eve. WisdomTree fared the worst, reflecting a 67% drop from its ATH. In absolute terms, BlackRock posted the biggest drop from its ATH at $32.15 billion or 32.33%.
Grayscale (BTC) showed the lowest slump (30%) from its ATH. On average, ETFs reported an approximate 41.2% slump from their ATH.
Nearly $5 billion worth of BTC was shed in November and December amid BTC’s drawdown from its ATH.
Hashdex’s Bitcoin ETF (DEFI) traded BTC for just three days in 2025 and just two days in 2024. It last reported non-zero flows in June 2025; it ended the year as the least active Bitcoin ETF.
Trading volume was notably higher in December’s second half, especially in the fourth quarter. December was tepid, showing trading volume of $86.43 billion. October was the biggest month of 2025 by trading volume ($137.7B), followed by November ($109.94B).
ETFs and Treasuries Capture ~15% BTC Supply
Bitcoin ETFs seemingly are bearish on Bitcoin if only the Q4 data is considered. Glassnode, in an X post, highlighted this late-year downtrend, citing the 30-day simple moving average for ETF flows.
The X post also cited and maintained Glassnode’s December 23rd assessment, which noted: “This persistence suggests a phase of muted participation and partial disengagement from institutional allocators, reinforcing the broader liquidity contraction across the crypto market.”
Market analyst Crypto Rover, in an X post, noted that bitcoin ETFs and treasuries, combined, had captured nearly 15% of the max supply. The analyst cited a Glassnnode chart that showed the combined holdings of treasuries and ETFs.
The chart shared by Rover emphasizes the importance of the “bigger picture”. While Q4 2025 reflected sharp drops in BTC price, spot ETF holdings, and even crypto stocks like Strategy, overall, their share of the BTC supply is the most significant.
Regulatory changes in the US might seem slow, but they are definitely crypto market-friendly. Therefore, apart from cyclical shocks in the crypto and traditional markets, only the case for a bubble can explain this quarterly drawdown.