Bitcoin (BTC) has declined ~30% from its all-time high in early October 2025. Bitcoin ETFs experienced significant outflows throughout. Open interest is down more than 40% from October 2025 highs.
Google Search volumes for ‘crypto’ have hit low levels as 2025 comes to a close indicating little interest in the crypto market.
Weak crypto investor sentiment can also be seen when you look at crypto performance, especially after the October 10 2025 crash which has been described as the worst single-day crashes in crypto history.
MILESTONE | Crypto Markets Record the Largest Single-Day Liquidation Event in History
In addition, the Crypto Fear and Greed Index, which tracks crypto market sentiments, hit an yearly low indicating ‘Extreme Fear’ on November 22 2025.
In October 2025, as reported by BitKE, nearly $20 billion in leveraged liquidations saw some altcoins decline by 99% in a single day.
At the same time, Bitcoin (BTC) went from an all-time high of $126,000 to ~$80,000 in November and has stayed between $80,000-$90,000.
Recent data from Memento Research has also revealed that over 80% of all token launches in 2025 are all in red, indicating negative performance since launch.
In November 2025, crypto ETFs experienced a net outflow of $1.94 billion in one week, the 3rd largest weekly outflow in 2025 at the time.
On December 24 2025, Bitcoin ETFs saw about $175 million in net outflows, capping 5 straight negative sessions. Considering that Bitcoin ETFs have surpassed traditional spot exchanges in trading volume in 2025, any negative performance has a compounding effect across the larger crypto ecosystem, which is what we’re seeing unfolding.
While some argue that ETFs still hold roughly $114 billion in assets, 2025 outflows, in addition to other negative developments, are hard to ignore.
