Assets under management of U.S. cryptocurrency exchange-traded funds have plunged to a level last seen in November 2024, about 19 months ago, according to the latest readings from Artemis.
US crypto ETF assets under management peaked at $191.4 billion in October 2025, with an outflow of $107 billion since then.
At the time, U.S. crypto ETF assets under management came entirely from Bitcoin and Ethereum, the only two assets offering ETF products in the market at the time, and the pair held a combined value of approximately $75.1 billion.
Today, Artemis data covering US ETFs for Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Hyperliquid (HYPE), and Solana (SOL) totals approximately $84 billion, barely more than that figure despite three additional assets now containing ETF products.
This disparity – five assets generating barely more assets under management than two 19 months ago – reflects the broader downtrend that has gripped the cryptocurrency market in recent months.
The bear market that began in October 2025 has since wiped out $2.24 trillion in total market capitalization, excluding stablecoins, confirming a broad pullback among crypto-native and traditional investors.
Bitcoin reflects broader crypto slowdown
Bitcoin remains a proxy for the broader crypto market, and current readings reflect this weakness.
The Coinbase Premium Index, which gauges US investors’ appetite for the asset, shows that selling pressure built from April 15, when the index began to decline gradually, before that pressure intensified on April 23.
The index measures Bitcoin demand on US sites compared to global demand on Binance. When it falls, U.S. buyers fall back relative to the rest of the market, and a number in negative territory signals a strongly bearish stance on the part of traditional investors.
At the time of the report, the index fell to the negative side, showing -0.086 on the seven-day simple moving average (SMA).
The US Spot Bitcoin ETFs confirm the same trend. After recording their second weekly influx on April 17, weekly flows have since collapsed.
The premium Ethereum index shows a similar trend, beginning its decline during the same April window and now residing in negative territory, with US spot Ethereum ETF inflows beginning to decline from April 17.
Unfavorable global economic conditions
Global economic conditions, worsened by war involving Iran, the United States and Israel, have been a major factor driving capital away from risky assets, particularly among traditional institutions.
The conflict has hit key parts of the global economy because of oil-driven inflation, which has driven up prices and been linked to the withdrawal of capital from risky assets, with US inflation reaching 4.2%, an increase of 40 basis points from its April reading of 3.8%.
Factors like these are pushing the United States to retreat from risky assets as investors turn to less volatile alternatives such as government debt, where the 10-year Treasury yield has reached 4.68%, a level last seen in January 2025.
Final summary
- Assets under management of US crypto ETFs have fallen from a peak of $191.4 billion in October 2025 to around $84 billion, with around $107 billion in outflows since.
- US investors are leading the pullback, with the Coinbase Premium Index turning negative and Spot Bitcoin ETF inflows plummeting after April.
