Cryptocurrency ETFs Face a "Trust Crisis"? US BTC and ETH Spot ETFs Lose Over $6.6 Billion in the Last Two Months According to SoSoValue data, the US Bitcoin spot ETF experienced the most severe capital outflow in its history during the last two months of 2025 (November to December), with a total net outflow of $4.57 billion, surpassing the previous record of $4.32 billion set in February and March, making it the worst two-month period on record. Meanwhile, Bitcoin prices also declined by about 20% during this period, reflecting a significant cooling of institutional investor demand. However, capital outflows were not limited to the Bitcoin market; the Ethereum spot ETF also faced large redemptions during the same period, with net outflows exceeding $2 billion. The simultaneous large-scale withdrawal from the two major cryptocurrency ETFs directly indicates strong selling pressure facing the crypto market at year-end. However, industry observers have differing opinions on this phenomenon, and not everyone believes the market is in panic. Some experts suggest that this large-scale outflow more accurately reflects a structural rebalancing in the market. Analysts say that while this round of capital outflows and ongoing liquidations have suppressed market sentiment, the market has not fallen into chaos. It is more like a balancing process where weaker investors exit at the end of the year, while stronger investors take on positions. Therefore, both sides are currently waiting for liquidity to rebound in January 2026, which could then drive the prices of related assets and maintain a narrow consolidation. Meanwhile, market divergence is evident. While Bitcoin and Ethereum ETFs are experiencing capital outflows, XRP and Solana spot ETFs show the opposite trend, with net inflows of over $1 billion and $500 million respectively in November and December. This phenomenon clearly indicates that capital has not exited the crypto market entirely but has shifted internally, moving from traditional blue-chip crypto assets to emerging narrative assets with higher growth potential. In summary, the record capital outflows from BTC and ETH spot ETFs are a clear signal of fragile market sentiment and a phased decline in institutional interest, but they do not mark the end of the market. This signals that the industry is entering a critical phase of differentiation and consolidation, with weak funds exiting and long-term capital seeking new structural opportunities. The market performance in early 2026 will also verify whether this rebalancing is merely a short-term adjustment or the beginning of a long-term trend reversal. #比特币ETF # Ethereum ETF

Grayscale is advancing the application process for the Bittensor(TAO) spot ETF, which will be the first direct crypto investment fund focused on AI networks. The TAO token is incentivized through a computing power reward mechanism, and the market ecosystem is relatively healthy. After the halving event on December 14, the issuance of TAO has been adjusted, and the current price is fluctuating around $220. Despite short-term pressure, many analysts remain optimistic about its long-term prospects, generally expecting it to have the opportunity to challenge the $1,000 mark before 2026. From a broader market perspective, the SEC's new approval framework is accelerating its implementation. Mainstream cryptocurrencies such as SOL, XRP, LINK, LTC, and others have successively received ETF listing approvals. This series of signals indicates that the openness of traditional finance to crypto assets is significantly increasing, and competition in the ETF sector will intensify accordingly.