U.S.-listed spot cryptocurrency exchange-traded funds (ETFs), once seen as a major catalyst for institutional crypto adoption, ended 2025 on a notably weak note. After a strong start earlier in the year, these products experienced their worst outflow streak on record during November and December, signaling a shift in investor sentiment across the digital asset market. According to data from SoSoValue, the 11 U.S.-listed spot crypto ETFs recorded a net outflow of approximately $3.48 billion in November, followed by an additional $1.09 billion in December. The combined $4.57 billion in...