U.S. cryptocurrency exchange-traded funds have seen assets under management plunge to levels last recorded in November 2024, according to Artemis data. AUM across U.S. crypto ETFs peaked at $191.4 billion in October 2025, with approximately $107 billion exiting since that peak. The decline reflects a broader bearish trend that began in October 2025 and has wiped out $2.24 trillion in total cryptocurrency market capitalization excluding stablecoins, signaling a retreat among both crypto-native and traditional investors. Currently, Artemis data covering U.S. ETFs for Bitcoin, Ethereum, Ripple, Hyperliquid, and Solana totals roughly $84 billion, only marginally above the $75.1 billion held by Bitcoin and Ethereum ETFs alone in November 2024.
In November 2024, U.S. crypto ETF AUM came entirely from Bitcoin and Ethereum, the only two assets with ETF products on the market at the time. The pair held a combined value of roughly $75.1 billion. The current figure of approximately $84 billion across five assets — Bitcoin, Ethereum, Ripple, Hyperliquid, and Solana — represents only a marginal increase despite three additional assets now carrying ETF products.
Coinbase Premium Index Signals U.S. Investor Retreat from Bitcoin
The Coinbase Premium Index, which gauges U.S. investor appetite for Bitcoin by comparing demand on U.S. venues against global demand on Binance, shows selling pressure building from April 15. The index began to slide gradually on that date before pressure intensified by April 23. At the time of reporting, the index has slipped to negative territory, printing -0.086 on the seven-day simple moving average.
U.S. Spot Bitcoin ETFs confirm the same trend. After recording their second-highest weekly inflow on the 17th of April, weekly flows have since collapsed. The Ethereum premium index shows a similar move, beginning its decline over the same April window and now residing in negative territory, with U.S. spot Ethereum ETF inflows starting to fall from the 17th of April.
Inflation and Treasury Yields Drive Capital Rotation from Risk Assets
Global economic conditions, compounded by the war involving Iran, the U.S., and Israel, have been a major factor keeping capital out of risk assets, particularly among traditional institutions. The conflict has impacted key parts of the global economy through oil-driven inflation, which pushed prices higher and has been tied to the capital retreat from risk assets. U.S. inflation reached 4.2%, a 40 basis point increase from its April reading of 3.8%.
Investors have rotated into less volatile alternatives such as government debt, where the 10-year Treasury yield hit 4.68%, a level last reached in January 2025.
FAQ
What happened to U.S. crypto ETF assets since October 2025?
U.S. crypto ETF assets under management peaked at $191.4 billion in October 2025 and have since declined by approximately $107 billion to roughly $84 billion, according to Artemis data.
Why did U.S. investors pull back from Bitcoin ETFs after April?
The Coinbase Premium Index began declining on April 15 and turned negative by the time of reporting, printing -0.086 on the seven-day simple moving average. U.S. Spot Bitcoin ETF weekly inflows collapsed after recording their second-highest weekly inflow on April 17.
How did inflation affect cryptocurrency investment flows?
U.S. inflation increased to 4.2% from 3.8% in April, contributing to a capital rotation from risk assets into government debt, where the 10-year Treasury yield reached 4.68%, a level last seen in January 2025.
