The once-super-hot U.S.-listed spot crypto exchange-traded funds (ETFs) ran into their worst stretch on record in the final two months of 2025, as investors yanked billions, capping a brutal year-end for a product that has been a key driver of institutional adoption. The 11 spot ETFs cumulatively registered a net outflow of $1.09 billion in December after a much steeper$3.48 billion in November. That amounts to a combined two-month redemption worth $4.57 billion, the largest since their debut in January ...