Spot crypto ETFs recorded massive withdrawals toward the end of the year, losing about $4.57 billion across November and December, including $1.09 billion in December alone. That makes it the roughest two-month period for these ETFs since they launched in January 2024. Still, analysts say the market isn’t breaking down. Instead, weaker holders are exiting while better-capitalized players are stepping in to absorb the supply. For now, prices are tightening as both buyers and sellers wait for fresh liquidity expected to return in January.