US spot Bitcoin ETFs have erased practically all of their beneficial properties from 2025, with property below administration (AUM) dropping to $120.68 billion as of December 4, down $48.86 billion—a 28.8% decline—from the height of $169.54 billion reached on October 6.
This leaves AUM nearly unchanged year-over-year, simply $30 million under the $120.71 billion mark from December 2024.
Flows stay optimistic as worth drives losses
Regardless of the sharp drop in AUM, ETF internet creations for 2025 totaled $22.32 billion by means of December 4.
Nearly all of the decline was not resulting from redemptions, however quite the results of bitcoin’s late-year worth retracement.
Internet outflows since October 6 amounted to simply $2.49 billion, whereas the majority of the AUM discount was attributed to unfavourable worth efficiency and unrealized revenue and loss.
For these monitoring institutional exercise, the US spot Bitcoin ETF flows chart highlights the persistence of structural demand, with cumulative internet inflows since launch standing at $57.56 billion.
Nevertheless, the final 30 days confirmed internet outflows of $4.31 billion, reflecting the cooling sentiment within the ultimate quarter of the 12 months.
Quarterly creation patterns shift
ETF creations had been strongest within the second and third quarters, with $12.80 billion and $8.79 billion added respectively.
The fourth quarter, nonetheless, turned barely unfavourable with $0.20 billion in internet redemptions, coinciding with the broader market downturn.
Value motion, not redemptions, explains the reset
The hole between precise AUM and a flow-only state of affairs demonstrates that the year-end hunch was pushed nearly totally by bitcoin worth historical past quite than mass investor exits. Constructive flows point out ongoing demand, whereas the October-December retracement accounted for many of the asset wipeout.
Closing figures underline a turbulent 12 months
Key information factors embrace:
- AUM peak: $169.54B (Oct. 6, 2025)
- AUM as of Dec. 4: $120.68B
- 2025 internet inflows: +$22.32B
- AUM change since peak: -$48.86B
- Cumulative inflows since launch: +$57.56B
The info highlights that even with persistent shopping for, ETF property stay weak to sharp downturns in bitcoin’s worth.